THARISA Minerals, the platinum group metals (PGMs) and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, has unveiled its target to reduce emissions by 30 percent in 2030, and aims to be carbon net neutral by 2050.
Tharisa told the market yesterday that its investment decisions would be informed by these decarbonisation targets, alongside the current financial investment criteria.
Chief executive Phoevos Pouroulis said: “We have today outlined our decarbonisation targets to be achieved by specific points in time.
“Further refinements in, and details about, these targets will be announced over time, but we will strive to exceed these initial targets, both in quantum and speed of achievement.
“The world faces an enormous challenge to decarbonise rapidly and Tharisa will do its part to achieve carbon neutrality by 2050,” said Pouroulis.
Tharisa said it was developing a roadmap to ensure that the pre-defined decarbonisation targets are achieved through the deployment of numerous sustainability initiatives.
The sustainability initiatives were scheduled for implementation within the next two years and were expected to see Tharisa generating renewable electricity and slashing the use of electricity produced from fossil fuel enabling electricity grid power purchases to be optimised
The group also said it was looking to reduce the carbon intensity of fuels used in its truck fleet as vehicles come to be replaced and aimed to take advantage of advances in alternative fuels, including hydrogen and battery electric drive trains.
“Recognising that what lies ahead is an energy transition, major projects in the first phase of emissions reduction will include the introduction of natural gas and biodiesel as fuel components.
“In addition, the use of solar power generation technology alongside traditional electricity storage capacity and in house innovations are being investigated,” said the group.
Tharisa said establishing a baseline for current operations was the first step on this journey and the company would be using the 2020 financial results as the baseline for its decarbonisation targets.
Tharisa’s scope 1 emissions are direct greenhouse gases (GHG) are associated with fuel combustion in boilers, furnaces, vehicles, and scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling.
Scope 3 emissions includes all other indirect emissions that occur in a company’s value chain.
Scientists are aligned that global warming is real and GHG is a major contributor to climate change poses.
As a result investors are placing pressure on companies to consider the potential financial impact of transitioning to a net-zero economy.
Last week petrochemicals giant Sasol the fuel and chemical producer raised its emissions reduction targets for 2030 to 30 percent from 10 percent previously and Exxaro Resources said it would diversify into copper, manganese and bauxite production in a bid to dilute its exposure to coal.