Nature Positive Role of the Mining and Metals Sector

Optimize energy use and increase the use of renewables and clean technology There are a number of actions that companies can take to reduce GHG emissions, in order to both manage risks and capture business demand for low-carbon or carbon-free metals. Companies can: Increase use of renewables and clean technology: –Increase use of renewables, which are economical and feasible today for many mines and metals,199 ensuring procurement is in line with standard due diligence and economic requirements, and embeds criteria to optimize environmental sustainability, social equity, and climate resilience of projects.200,201,202 For example, Antofagasta Minerals has used 100% renewable power since 2022.203 –Use novel clean breakthrough technologies to decrease dependence on fossil fuels. For example, for steel, this includes hydrogen direct reduction, carbon capture use and storage (CCUS), and electrolysis-based production processes. For aluminium, this includes using inert anodes, CCUS, green hydrogen and mechanical vapour recompression. The Forum’s FMC advances the most critical, emerging climate technologies by leveraging members’ collective purchasing power.204,205,206 –Decarbonize equipment, logistics and transport. This includes: –Transitioning from fossil fuels to electric or hydrogen-powered vehicles and equipment, either via: –Retrofitting (where some companies are hosting auctions for decommissioned equipment) –Circular rental or sharing schemes for vehicle use –Replacement (for example, Fortescue acquired Williams Advanced Engineering in 2022 to bring their battery and electrification technologies to support the decarbonization of Fortescue’s freight trains, haul trucks and industrial equipment207) –Supporting shipping providers to transition to low-carbon or carbon-free fuels. –Optimizing routes and use efficiency, such as via transport sharing with other companies. Optimize energy use and resource efficiency in mining and production processes:208 –Implement energy management systems and standards, smart use strategies, and perform ongoing monitoring and optimization of manufacturing processes to increase natural resource-use efficiencies. –Innovate manufacturing processes to reduce energy and heat intensity and recovery, improve heat management and recycle heat in manufacturing. For example, ArcelorMittal launched a partnership with Capgemini and the French government to evaluate potential heat recovery solutions, which resulted in ArcelorMittal saving an estimated 10% energy per plant. –Improve equipment selection to support future efficiency improvements. Nature Positive: Role of the Mining and Metals Sector 35 Nature Positive: Role of the Mining and Metals Sector35