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According to Bloomberg New Energy Finance BNEF, global mining companies have signed 5.
9 GW of clean energy contracts in the past decade, three-quarters of which have been signed in the past two years, highlighting the efforts of global mining companies in the transition to decarbonization, while also reflecting the pressure on mining companies, from shareholders, customers, technology and society
.
Mining is key at a time when the world is transitioning to a low-carbon economy, providing the materials needed for new power grids and electric vehicles, but the mining activity itself requires a lot of electricity
.
Mining companies account for 6% of the world's energy demand, the vast majority of which require fossil fuels, but they account for 22%
of global emissions.
As a result, mining giants including Glencore, Rio Tinto, BHP Billiton, Vale and Anglo American are aware of the risks posed by climate change to their operations and are beginning to make real changes to drive the decarbonization transition
.
BHP, for example, says renewables will provide 100% of the energy needed for its largest copper mine operation in Chile by 2025, or even partially net-zero emissions
by 2050.
The BNEF study believes that despite this momentum, the global mining company decarbonization transition still has a long way to go
.
Solar and wind energy are growing rapidly, but they account for only a fraction of the energy used by all industries, and mining is much slower than other industries
.
For example, Google alone has procured more
clean energy than the entire mining industry over the past decade.
On the other hand, investors also play an important role
in this decarbonization process.
Major asset managers and institutional investors, such as Blackstone, have pledged to divest from companies that are not adapting to the low-carbon transition, forcing mining companies to decarbonize to obtain capital
.
As the cost of solar and wind power continues to fall, miners can access clean energy
through long-term PPAs at a lower price than thermal power.
Mining companies can even save total costs
by installing renewable energy sources at their sites.
According to Bloomberg New Energy Finance BNEF, global mining companies have signed 5.
9 GW of clean energy contracts in the past decade, three-quarters of which have been signed in the past two years, highlighting the efforts of global mining companies in the transition to decarbonization, while also reflecting the pressure on mining companies, from shareholders, customers, technology and society
.
Mining is key at a time when the world is transitioning to a low-carbon economy, providing the materials needed for new power grids and electric vehicles, but the mining activity itself requires a lot of electricity
.
Mining companies account for 6% of the world's energy demand, the vast majority of which require fossil fuels, but they account for 22%
of global emissions.
As a result, mining giants including Glencore, Rio Tinto, BHP Billiton, Vale and Anglo American are aware of the risks posed by climate change to their operations and are beginning to make real changes to drive the decarbonization transition
.
BHP, for example, says renewables will provide 100% of the energy needed for its largest copper mine operation in Chile by 2025, or even partially net-zero emissions
by 2050.
The BNEF study believes that despite this momentum, the global mining company decarbonization transition still has a long way to go
.
Solar and wind energy are growing rapidly, but they account for only a fraction of the energy used by all industries, and mining is much slower than other industries
.
For example, Google alone has procured more
clean energy than the entire mining industry over the past decade.
On the other hand, investors also play an important role
in this decarbonization process.
Major asset managers and institutional investors, such as Blackstone, have pledged to divest from companies that are not adapting to the low-carbon transition, forcing mining companies to decarbonize to obtain capital
.
As the cost of solar and wind power continues to fall, miners can access clean energy
through long-term PPAs at a lower price than thermal power.
Mining companies can even save total costs
by installing renewable energy sources at their sites.
