Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 NDVA surged 43%. This AI Chipmaker Could Be Next See Analysis
Major copper producers unveil plan to reach net zero emissions by 2050
Published Mar 07, 2023 07:09AM ET
© Reuters. FILE PHOTO: Copper rods are seen at Truong Phu cable factory in northern Hai Duong province, outside Hanoi, Vietnam, August 11, 2017. REUTERS/Kham/File Photo
MELBOURNE (Reuters) - A group of the world's biggest copper producers said it aimed to slash direct and indirect greenhouse gas emissions to zero by 2050, in a move that could make the sector more attractive to environmentally-conscious investment funds.
With copper demand forecast to double to 50 million tonnes by 2050 from 2020 levels, the International Copper Association's (ICA) roadmap released on Tuesday set a target for members to cut direct and indirect emissions by 30% to 40% by 2030, and by 70% to 80% by 2040, before reaching zero by 2050, it said.
Members include BHP Group (NYSE:BHP) Chile's Codelco, Glencore (OTC:GLNCY), Freeport-McMoRan (NYSE:FCX), Japan's JX Nippon Mining & Metals Corporation and Poland's KGHM.
There are no members from China, the world's biggest producer of refined copper.
The copper producers plan to reduce direct and indirect emissions by decarbonising power supply, improving efficiency and scrap collection. Copper production from scrap metal can typically be done via electricity so is easier to decarbonise.
The ICA's members will also work with customers to reduce their "scope 3" emissions by 10% by 2030, by 30% to 40% by 2040, and by 60% to 70% by 2050, it said.
"These collective ambitions show a clear trajectory to achieving defined emissions reductions of up to 85% by 2050, with the balance to be addressed through advanced technologies and enhanced collaboration," the ICA said.
Emissions produced by the copper industry as a whole represent 0.2% of global greenhouse gas emissions. In 2018, the average emission intensity of refined copper production was 4.6 tonnes of carbon dioxide equivalent (CO2e) per tonne of copper, down by 13.4% from 5.4 tonnes of CO2e in 1990.
Given copper's key role in the energy transition and the "ambitious" decarbonisation plans, the sector should be an attractive investment for funds that use environmental, social and governance (ESG) criteria, the ICA said.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.