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28/02/2024
Mining News

ICMM publishes new guidance on setting reduction targets on Scope 3 emissions

Today, ICMM publishes guidance to support mining and metals companies to set impactful short-, medium- and long-term targets for reducing their Scope 3 emissions. The Scope 3 Emissions Target Setting Guidance underscores the importance of transparency and engagement with suppliers, customers, investors and regulators in setting targets, to help accelerate emissions reduction throughout the value chain.

Scope 3 emissions are a critical area of focus for the mining and metals industry, representing up to 95% of a company’s total emissions, compared to 75% across other sectors. This Guidance defines target-setting principles tailored to the specific considerations of the mining and metals sector, and is drawn from current EU, US, UK, Canadian and Australian regulatory frameworks, as well as guidance from the United Nations’ High Level Expert Group on Net Zero Emissions Commitments of Non-State Entities. Acknowledging the inherent differences in commodities and value chains, rather than endorsing a specific methodology, it provides mining and metals-specific context around commonly used approaches.

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The Guidance establishes a robust framework for companies to enhance their targets as their capabilities mature over time. It sets out leading practice across four maturity stages, with each stage outlining minimum expectations across five key dimensions: accounting and reporting, identification of emissions ‘hotspots’, business integration and alignment, assessment of decarbonisation pathways and organisational governance.

 

Source: ICMM

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