Several mining companies have strengthened corporate sustainability goals in recent months amid intensifying pressure to act on climate change.
A wide swath of the global economy depends on the materials produced by the mining and metals sector. More mining companies are setting emissions targets and positioning operations to supply products that are more climate-friendly to various industries, including those needing increasingly more mined materials such as the tech and automotive sectors.
S&P Global Market Intelligence researched 30 mining companies ranking among the world's largest by market capitalization and identified 11 entities claiming to be carbon neutral or having set goals to reach net-zero emissions, mostly before 2050. Other companies in the industry have set differing emissions targets, while some reported that stricter targets are in development.
"I think the pressure is on for every industry, including the mining industry," ENGIE Impact CEO Mathias Lelièvre said in a recent interview with Market Intelligence about the sustainability and energy management company's work with mining companies to plot sustainability goals. "We see good momentum on our side. We really see players who are taking that change very seriously."
The world's largest mining companies by market capitalization, BHP Group and Rio Tinto, have publicized ambitions for net-zero emissions, as noted in a previous analysis of mining company goals. BHP Group has been questioned about maintaining its coal operations and investing in its petroleum business while pledging to reach net-zero emissions by 2050.