A commitment to our shared futureNavigating the intersection of climate responsibility and stakeholder needs
Navigating the intersection of climate responsibility and stakeholder needs
By Michael Cinnamond, CIM President
October 12, 2023
Courtesy of Mike Cinnamond
News of climate-related events all around the world, including the recent tragic fires in Maui, remind us that we are all stakeholders when it comes to the effects of climate change. As we stand at the intersection of climate responsibility and the needs of our diverse stakeholders and land rights holders, the mining industry is presented with both a challenging journey and a remarkable opportunity. The year 2023 has thrust upon us an undeniable reality: the climate crisis is no longer a distant concern but an urgent call for collective action. The extreme heatwaves and forest fires that have swept across Canada this year serve as potent reminders that the impacts of climate change are no longer a future scenario, they are our present reality.
Our industry cannot remain insulated from these seismic shifts. As the chief financial officer at B2Gold Corp., a senior gold producer committed to responsible mining, I am acutely aware of the dual challenge we face: to drastically reduce our greenhouse gas emissions and mitigate our climate impacts while simultaneously nurturing the prosperity of our employees, local communities, host governments and the environment in which we operate.
At B2Gold, like many other mining companies, we are embracing this challenge by setting a target to reduce our greenhouse gas emissions by 30 per cent by 2030. Yet, setting targets is only the first step in a long and complex journey. Our industry, by its very nature, is energy-intensive and often operates in remote corners of the world. The pursuit of renewable energy sources, the electrification of our operations and advancements in energy efficiency are at the forefront of our industry’s strategy. However, many technologies still require significant advancement or adequate market conditions before they can become technically or economically feasible for implementation. The road ahead is far from simple, and as such, our industry’s efforts to transition to low-carbon operations demand ambition, innovation and determination.
In our pursuit of emissions-reduction targets, we are not simply forging a path towards a more sustainable future, we are also honouring our commitment to our stakeholders and our communities. The mining industry, rightly so, is a beacon of economic progress, providing jobs, revenue and investments to countries and regions worldwide. Our obligation lies in ensuring that our emissions-reduction pathways are crafted with sensitivity to the needs of our employees, communities and governments. We recognize the right of nations to harness their resources for development, and it is our duty to facilitate this while maintaining our climate obligations.
The challenges our industry faces are formidable, but they are not insurmountable. The dynamic landscape of the climate transition compels us to adapt continuously and seek new avenues, technologies and partnerships. While the path may be uncertain, I am confident that the mining industry can, and will, respond effectively to the climate crisis. Our resilience is our strength, and our commitment to innovation and responsibility is unwavering.
As we navigate the climate transition, we are not just protecting our environment, we are also nurturing the livelihoods of our communities and the future of generations to come. Our commitment to climate responsibility is, at its core, a commitment to our shared future—one that is inclusive, resilient and sustainable.