How the Mining Industry can Respond to Climate Change

The mining industry is one of the most major contributors to climate change. In 2018, it was responsible for eight percent of the worlds' carbon footprint. Hydrocarbon fuels like coal and oil are used extensively in mining processes. As we look for ways to reduce dependence on these natural resources, the mining sector faces a unique decarbonisation challenge. 

Strategically using new technologies can help fast-track progress towards net zero emissions. In September 2020, the world's top miners committed to this goal by 2050. 

This article breaks down some of the things the mining industry must do to responsibilities and provides an optimistic outlook for the years to come. 

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The Switch to Renewables

Mining is essential for the development of renewable energy infrastructure. The materials they produce - metals, in particular - are key components in solar panels and wind turbines. So, as renewable energy becomes increasingly popular, demand for these products will continue to rise. This presents a fantastic opportunity for miners to position themselves at the forefront of the global energy transition. But it comes with great responsibility. 

Innovations such as wind turbines and electric vehicles need metals and minerals, so unsurprisingly, the demand for these products is increasing. As theIDTechEx report states, "By 2030, the market for electric vehicles alone is expected to displace over 6 million barrels of oil per day currently consumed in gasoline and diesel vehicles." 

Achieving Net Zero Emissions

Decarbonizing the mining sector is critical to meeting global climate goals. To achieve net zero emissions by 2050, miners must use new technologies and approaches that significantly reduce or even eliminate their reliance on hydrocarbon fuels. One such technology is electric vehicles (EVs). EVs are powered by electricity instead of petrol or diesel, making them much cleaner and more efficient than traditional vehicles. While EVs currently make up a small percentage of total vehicle sales globally, that number is expected to rise rapidly in the coming years as prices fall and range anxiety diminishes. EVs could play a major role in helping the mining industry meet its net zero emissions target.

A Brighter Future

Decarbonizing the mining sector will be critical to meeting global climate goals.The global energy transition presents a unique opportunity for miners to position themselves at the forefront of this momentous shift. By strategically investing in clean technologies and adopting best practices, miners can not only reduce their environmental impact but also improve their competitiveness and create long-term shareholder value. In doing so, they can play a major role in building a cleaner, brighter future for us all.