Wednesday, 29 August 2018

Gold industry takes positive steps in quest to raise climate change awareness

A new report from the World Gold Council (WGC) aims to improve awareness and understanding of the impact of gold on climate change while advocating positive steps towards the reduction of emissions and the improvement of energy efficiency in the industry.

Gold industry takes positive steps in quest to raise climate change awareness
The World Gold Council, the market development organization for the gold industry, released its ‘Gold and climate change’ report at the end of June to provide information on gold’s greenhouse gas emissions (GHG) footprint, in line with the Taskforce on Climate-Related Financial Disclosure’s (TCFD) recommendations.

While acknowledging that current data is limited, the report nevertheless points out that the gold industry is showing promising initial signs in its push for lower emissions, better energy efficiency, and the advancement of low carbon technologies. The research has found that when compared with the majority of other mined products, such as steel and aluminium, the overall volume of GHG emissions from gold is considerably less.

Industry-wide efforts are being made to reduce GHG emissions and improve energy efficiency, with various projects being undertaken around the world, including the introduction of solar power in Burkina Faso. Additionally, mining companies have begun to utilise hydro-electricity in Brazil and the Kyrgyz Republic. Moreover, in South Africa, award-winning air control automation has been employed for greater energy efficiency, while in Canada, the world’s first all-electric mine has been constructed.

The report has opened up several new and exciting areas of study, which will undoubtedly provide fascinating conversation topics for industry professionals and consumers at this year’s VOD Dubai International Jewellery Show. In particular, the encouraging steps being taken by various gold miners and producers around the world to reduce their carbon footprints are sure to create a motivational foundation for positive climate change throughout the industry as a whole.

Courtesy: World Gold Council
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