GHG Emissions, Industrial  -  November 29, 2022

Agnico Eagle Outlines Path for 30% Emissions Cut by 2030

The Canadian gold mining company Agnico Eagle has set a target to reduce its 2021 Scope 1 and 2 emissions levels by 30% before 2030 in pursuit of net-zero by 2050.

The company released its first Climate Action Report, which was developed to align with the Task Force on Climate-related Financial Disclosures recommendations. Agnico Eagle hopes to establish itself as a leader in the gold industry for low-emission operations through these initiatives outlined in the report.

Agnico Eagle plans to achieve these targets by focusing on three main areas: energy efficiency initiatives at each site, technology transition (such as fleet electrification) and renewable energy to clean up its energy supply.

To support the development of its Climate Action Report, the company conducted an analysis of its physical and transitional climate-related risks based on different scenarios based on the Intergovernmental Panel on Climate Change and International Institute for Applied Systems Analysis.

“Climate change is one of society's greatest challenges and as a sustainability leader in the global mining industry, we also aim to be a climate action leader,” President and CEO Ammar Al-Joundi said in a statement. “The risks associated with a changing climate have never been clearer and we understand the importance of managing these risks to build a better business, capitalize on future opportunities and communicate effectively with our stakeholders. We hold ourselves accountable to high ESG standards and have strategies in place to adapt to and mitigate the impacts of climate change.”