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<p>Gold miners need to shift rapidly to renewable power generation sources to decarbonize the sector to be in line with the Paris Agreement&#8217;s global warming target of 1.5°C, the World Gold Council (<a href="https://www.gold.org/" target="_blank" rel="noopener noreferrer">WGC</a>) said in a recent report.</p>
<p>The sector requires to reduce its greenhouse gas (GHG) emissions by 80% by 2050 to achieve the global warming target of well below 2°C, or 92% by 2040 to meet the Paris Agreement&#8217;s target of 1.5°C, the report said.</p>
<p>The report stated that the combined replacement of 20% of the power supply from grid power and direct fossil fuel sources with renewables would place the sector in line with the 1.5°C climate target.</p>
<p>WGC anticipates a 35% drop in the emissions intensity of power used in gold production by 2030. The reduction is based on companies&#8217; plans to replace on-site generated fossil fuel-based electricity with grid connectivity, increased use of renewable energy sources, and lesser production from high-emission mines. It also predicts a further 9% reduction in the emissions intensity of power used in gold production if the sector&#8217;s transition plans towards lower-carbon energy become commonplace by 2030.</p>
<p>The report, based on data provided by global research firm <a href="https://www.woodmac.com/" target="_blank" rel="noopener noreferrer">Wood Mackenzie</a> from 158 mines located in 31 countries, revealed that companies focus on solar energy compared to others due to its low cost and complexity as well as frequent geographic fit.</p>
<p>Moreover, various ownership models, including direct ownership, power purchase agreement (PPA) with third parties, and leasing through a third party, help companies provide flexible cost management options to shift towards renewables.</p>
<p>The sector&#8217;s continuing transition to low-carbon energy will be supported by the growing decarbonization of grid-sourced electricity, constant improvement in the economics and practicality of renewables, and enhanced energy and operational efficiency.</p>
<p>&#8220;Local and national factors will continue to play an important role, not least given the policy environment that governs the use of certain power sources in different jurisdictions,&#8221; the report noted.</p>
<p>Countries like India are getting serious about fulfilling the climate accord targets. Recently, India <a href="https://mercomindia.com/india-forms-committee-oversee-implementation/" target="_blank" rel="noopener noreferrer">constituted</a> a high-level inter-ministerial Apex Committee for the Implementation of the Paris Agreement. The objective is to generate a coordinated response on climate change issues while ensuring that India is on track to meet its obligations under the Paris Agreement, including its Nationally Determined Contributions. In 2016, India <a href="https://mercomindia.com/india-ratifies-paris-climate-change-agreement/" target="_blank" rel="noopener noreferrer">became</a> the 62<sup>nd</sup> country to ratify the <a href="http://unfccc.int/resource/docs/2015/cop21/eng/l09r01.pdf" target="_blank" rel="noopener noreferrer">Paris Agreement</a>. The agreement requires every ratifying member country to develop a national plan to curb carbon emissions and rising temperatures.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Gold Miners Need to Cut Harmful Emissions by 80% by 2050 to Meet Paris Climate Goals

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