PJSC Polyus (LSE, MOEX: PLZL) ("Polyus", or the "Company") announces the publication of its Climate Strategy aimed at contributing to UN Sustainable Development Goals, and prepared in alignment with TCFD and Intergovernmental Panel on Climate Change (IPCC) recommendations, as well as the industry’s best practices.
The Climate Strategy sets medium and long-term greenhouse gas (GHG) emissions reduction goals and offers measures to advance decarbonization. It also provides assessment of climate-related risks and introduces an internal carbon price.
Hereby, Polyus highlights its commitment to achieving Net Zero emissions by 2050. By 2032, the Company aims to reduce Scope 1 and 2 emissions per tonne of processed ore to 40%-50% rebased vs 2020 base year.
Vladimir Polin, Chairman of the Board, commented:
"Developing the Climate Strategy has been a long and challenging process for us. Throughout 2020 and 2021, we conducted a climate risks assessment at all our operation units and calculated our Scope 3 emissions for the first time. Further emissions reduction and improvement of energy efficiency are Polyus’ key strategic priorities for climate change mitigation. The Company stays committed to transparency of disclosure by improving the quality and scope of climate reporting."
The Climate Strategy is now available for download on Polyus’ website.
Highlights of climate change performance:
- Polyus achieved a key milestone on the path towards reducing carbon intensity by transitioning to 100% renewable electricity consumption (as for 2021).
- Polyus elaborated a methodology for assessing emissions from third-party sources across the Company`s supply chain. Polyus aims to reduce Scope 3 emissions through responsible sourcing and close work with suppliers and manufacturers.
- Setting internal carbon price is crucial for investment project assessment. Polyus used industry benchmarks and Russian draft legislation to define the price range of $15-35 per tonne of CO2 equivalent. In future, Polyus intends to adhere to the carbon price to be established at the national level.
- Polyus outperformed its peers in terms of CO2-e emissions per tonne of ore processed: 28 kg of CO2-e per tonne vs. 35 kg of CO2-e per tonne (as for 2020).
Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold ore reserves. The Company has the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
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This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus’ and/or Polyus group’s operations. Many of these risks and uncertainties relate to factors that are beyond Polyus’ and/or Polyus group’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.