Brazil miner Vale to spend USD 2 bn to cut carbon emissions

Goal is cutting emissions by 33% by 2030 and boost the transition to a carbon-neutral mining by 2050.

From the Newsroom

São Paulo – Brazilian miner Vale will spend at least USD 2 billion to cut both its direct and indirect carbon emissions (scope 1 and 2) by 33% by 2030

Direct emissions refer to those from the company’s own operations, while indirect emissions come from external sources, like electricity. The goal is in line with the Paris Agreement to hold temperature increases to 2°C by 2100.

The amount is the largest ever invested to fight the climate change in the mining industry. With the initiative, Vale aims at becoming a carbon-neutral company in scope 1 and 2 by 2050, paving the way for a carbon-neutral mining industry.

The announcement was made on Tuesday (12) by Vale CEO Eduardo Bartolomeo during an annual meeting with analysts at the Bank of America Merril Lynch, which was held via video conference due to the novel coronavirus pandemic.

The initiative is an advancement in the company’s climate agenda. Last December, the company had announced it intended reducing its emissions and set an internal carbon pricing of USD 50 a tonne of CO2 equivalent for capital and competition projects.

“This agenda is the result of a process of listening that is in line with a real demand of the society concerning climate change for a robust cut in scope 1 and 2,” Bartolomeo was quoted as saying. “We are thus taking a step towards creating a new pact with society, one of transparency and responsibility,” he finished.

Translated by Guilherme Miranda

Douglas Magno/AFP

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