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Monday, July 15, 2024

Nickel Asia first miner to join SBTi’s net zero emission target by 2050

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Listed natural resources development company Nickel Asia Corp. (NAC) said over the weekend it submitted its emissions reduction targets to the Science Based Targets Initiative (SBTi), making it the first company in the Philippines with mining assets to do so.

NAC said it committed to reduce its greenhouse gas emissions by 42 percent by 2030 and achieve SBTi’s bold net zero target by 2050 by heavily investing in new technologies and prioritizing the use of market-available hybrid models in all its mining operations.

SBTi is a global body that promotes best practices in emissions reduction grounded on accepted climate science. It enables listed companies to set ambitious emissions reduction targets and keeps track of these targets to ensure companies deliver on their commitments based on the pledged timelines.

“SBTi’s acceptance of our commitment letter signifies the ‘crossing the Rubicon’ for NAC,” said NAC chief sustainability and risk officer Jose Bayani Baylon.

“NAC is now conspicuously part of the SBTI website where our Net Zero commitments will be traced and tracked and validated according to worldwide scientific standards. It’s a first in the Philippine mining industry which is largely considered hard to abate and we are presenting ourselves to scrutiny and high-level peer pressure, it’s a huge undertaking and we are proud and fully committed,” Baylon said.

NAC said it continues to transition to low-carbon and renewable energy resources in both operations and campsites. In 2016, NAC spent P1.7 billion to set up a conveyor belt system in one of its operations, significantly reducing its fossil fuel usage by 96 percent per wet-metric-ton in its Taganito mine site in Claver, Surigao del Norte.

It also acquired two units of the hybrid excavators for piloting last year that cost P12.34 million each. This year, NAC ordered P125.82-million worth of additional nine units to be deployed in its operations for standardization.

“Being the first company in the Philippines with mining assets that is accepted as a member of the United National Global Impact, the load of responsibility to contribute significantly to emissions reduction is heavier on our shoulders, and we take this seriously,” said Baylon.

“Reaching net zero is a huge challenge but also a unique opportunity for NAC to be in the frontline of responsible and sustainable mining in the country. Our stakeholders can expect us to continuously improve our operations and our process by adopting new technologies and setting ambitious but realistic goals for ourselves,” Baylon said.


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