NEWS RELEASE, 16 FEBRUARY
2024
UPDATED EMISSIONS
TARGETS
50% REDUCTION IN SCOPE 1 AND
2 EMISSIONS BY 2035
Antofagasta plc (the "Company")
announces that the Board of Directors (Board) has approved updated
greenhouse gas emissions targets, with the Company having
successfully met the Company's previous emissions target ahead of
schedule in 2022. Following work to define a decarbonisation
strategy, the following targets have been set:
·
Scope 1 and 2 (combined): targeting a 50%
reduction by 2035 (on basis of absolute emissions)
·
Scope 3: targeting a 10% reduction by 2030 (on
basis of a no-action scenario of projected emissions)
In addition, the Company maintains
its carbon neutral target for 2050.
The Company has developed a detailed
decarbonisation strategy to accompany the above targets, which is
expected to be released alongside the Company's Annual Report and
Sustainability Report in March 2024. Scope 1 and 2 emissions target
is set against a baseline year of 2020 and account for the planned
increase in copper production during the envisaged time period. The
Company's Scope 3 emissions target is set against projected
emissions.
Antofagasta's CEO, Iván Arriagada said:
"We are proud to announce today's updated targets, which
follows detailed work to further understand our current emissions
footprint, relevant technologies to support decarbonisation and our
pathway to net-zero copper production.
"Following the move to contract renewable power
supply in 2022, which materially reduced our Scope 2 emissions, we
have identified a path to lower both Scope 1 and 3 emissions as
part of our decarbonisation strategy. On Scope 1 emissions, with
diesel consumption representing approximately 90% of this category,
we are focused on the electrification of our mining haulage fleet,
initially through the use of trolley-assist technology, later
supplemented by battery electric vehicles as this technology
develops and becomes more widely available and cost effective. In
parallel, we are implementing a range of modern technologies, such
as fleet automation at our mines, which will serve to further
enable electrification and decarbonisation in the
future.
"With regards to our value chain emissions, we
have identified that our suppliers of goods and services represent
more than 50% of our total Scope 3 emissions and we will be working
to address this area through our Suppliers for a Better Future
programme that was launched in December 2022.
"We understand the importance of producing
copper in a safe and responsible manner, which is aligned with our
purpose of developing mining for a better future, and the targets
announced today will help set a clear path for us to follow in the
coming years."
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