Since 1 July 2024, all projects under MinRes’ operational control – including operational sites, exploration sites, warehouses and corporate offices – are charged for every tonne of emissions they produce.
Funds generated from the initiative will be invested in MinRes decarbonisation initiatives spanning power generation and material movement, such as electrification and automation of mining, haulage and transport systems.
The fund also supports the purchase of Australian Carbon Credit Units (ACCUs), which will be surrendered for regulatory compliance purposes under Australia’s Safeguard Mechanism.
MinRes operations are charged the preceding month’s average generic ACCU spot price for every tonne of Scope 1 and 2 emissions. Emissions are calculated on the operation’s consumption of energy commodities such as diesel, gas, electricity and other emissions sources.
Importantly, the fund differs from other industry initiatives in that MinRes adopts the true market cost of carbon based on the preceding month’s average generic ACCU spot price.
General Manager Decarbonisation Chacko Thomas said the decarbonisation fund aims to create enduring change in behaviours by encouraging more innovative solutions for low-emission mining across MinRes’ operations.
“We hope to materially change MinRes’ emissions profile by empowering and incentivising teams across the business to operate more efficiently and responsibly,” Chacko said.
“Investing in meaningful decarbonisation initiatives that improve energy efficiency across our operations will help reduce our operating costs and emissions."
“We want MinRes to be a leader in mitigating and adapting to climate change and this approach will support our commitment to achieving net zero operational emissions by 2050.”
MinRes is committed to understanding and managing its climate-related obligations, opportunities and risks.
The company strives to support the world’s energy transition by not only decarbonising its own operations, but supporting decarbonisation across supply chains, operational assets and the energy requirements of others.
Learn more about MinRes decarbonisation fund and our sustainability performance and initiatives.
