At Centamin, we fundamentally understand the human contribution to climate change and our responsibility as a business to mitigate our impacts. There is no company whose business model will not be profoundly affected by the transition to a net zero carbon economy. Numerous governments are starting to legislate for long-term commitment to net zero GHG emissions by 2050, and that large asset owners make disclosures in accordance with the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (“TCFD”) recommendations.
Centamin will undertake a structured assessment of the TCFD with the aim to put in place a long-term climate change strategy that will:
- Identify both the physical and transitional risks and opportunities associated with climate change including a robust assessment
- Understand our contribution to climate change and identify areas where this can be reduced
- Establish a roadmap to address the transition to net zero emissions with specific science-based targets and actions for 2030.
We will issue our first annual report aligned to the TCFD recommendations in 2022 that will detail our governance, strategy and portfolio resilience to a range of climate scenarios. We calculate our GHG emissions using the GHG Protocol Corporate Accounting and Reporting Standard and report our total emissions, energy intensity and GHG intensity.
We are advancing a number of exciting initiatives that will reduce GHG emissions at our Sukari operation over the coming years through solar power generation and efficiencies in the use of fossil fuel. Notably, this includes the construction of a 36MW solar farm and 7.5 MW battery energy storage system. The solar plant will be the largest hybrid solar project at an off-grid mining operation globally and is expected to reduce diesel fuel consumption by an estimated 22 million litres per annum and lower carbon emissions by 15% overall for the Mine, equivalent to an estimated 60,000 tonnes CO2-e per annum. The project is scheduled to be commissioned late in H1 2022. We are also trialling and investigating opportunities to further reduce our reliance on diesel through switching to low carbon fuels such as natural gas.