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1) The largest copper producers said that it will slash direct and indirect greenhouse gas emissions to zero by 2050, a move that can make the mining sector attractive to investors, at a time when investment needs to be made. The members of the International Copper Association (ICA) consists of BHP Group, Freeport-McMoRan, Codelco, Glencore, Japan's JX Nippon Mining & Metals Corporation, and Poland's KGHM and released a roadmap on the future of emissions. The members plan to cut direct and indirect emissions by 30% - 40% by 2030, and by 70% to 80% by 2040, before reaching zero emissions by 2050. In order to do this, the copper producers will decarbonize power supply, improve efficiency and scrap collection. "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. China, the world's biggest producer of refined copper, is not part of the ICA. With copper being a huge part of the energy transition, investment into this space is a must, as the demand far outstrips the supply in the coming years.
Source: Major copper producers unveil plan to reach net zero emissions by 2050 By Reuters (investing.com)
2) According to executives of some of the largest miners, if there is no permitting reform in the US, the climate goals that were set out by the Biden Administration, will not be fully achieved. "If the permitting reform doesn't happen, the IRA may not get its full use and benefit," Bold Baatar, who's in charge of the copper unit at Rio Tinto, told the CERAWeek conference. We talked about how Canada, and Ontario specifically, just suggested a legislation to speed up the permitting process in order for Canada to secure their supply chain and make sure that it is a key player when it comes to the next generation of energy consumption. The White House Energy Advisor, John Podesta, told the conference that permitting reform is high on the administration's agenda. He also added that Biden officials are using legislative efforts to streamline regulation.