How can the mining industry contribute to the transition to a net zero emissions economy?

The mining industry is essential in the transition to a net zero emissions economy. As per the World Bank, there will be a 500% growth in demand for critical minerals that are necessary for this transition. The demand for cobalt alone is expected to increase by 20 times between now and 2040. Mining will be a fundamental pillar for vehicle electrification and the production of other essential elements, such as solar panels and wind turbines, necessary to achieve carbon neutrality.

However, the way these minerals are produced is also critical. In the past, mineral production contributed 4-7% of global greenhouse gas emissions. To ensure that we meet the carbon budget and reduce our carbon footprint, we cannot afford to have excessive carbon emissions from mineral production.

The International Council on Mining and Metals (ICMM) is actively working to address these issues by studying how the industry can provide the metals and minerals needed for the low carbon transition while generating the least amount of greenhouse gas emissions possible. Some mining companies, such as Anglo American, have already made significant progress by transitioning to 100% renewable energy in various parts of their operations. The Escondida mine is also on track to achieve 100% renewable energy.

What are the current priorities of the ICMM?

The ICMM’s current priorities revolve around their three-year strategy cycle, which is in its final six months. The primary goal is to enable the global industry to adopt the Global Industry Standard on Tailings Management, which is crucial for reducing the impact of tailings on the environment. The ICMM has recently launched the Tailings Management Good Practice Guide and the Conformance Protocols for the Global Industry Standard on Tailings Management. Their ambitious aim is to find solutions that significantly reduce or eliminate tailings in the first place.

Additionally, the ICMM is working on two other areas during this three-year cycle. One involves their skills initiative, a 15-year plan to equip communities with the necessary skills to thrive, no matter what mining looks like in the future. The second involves a long-term project of Innovation for Cleaner, Safer Vehicles (ICSV), designed to reduce greenhouse gas emissions from mobile equipment on the mine site, reduce the impact of diesel fumes on operators, and decrease fatalities and injuries caused by the interaction between workers and mobile equipment. This year, the ICMM will also focus on areas related to climate change and biodiversity, which are particularly relevant as the COP is taking place.