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Sustainability > Environment

Climate Change

Climate change, including shifts in temperature and precipitation and more frequent severe weather events, will affect the mining industry in a range of possible ways.

Volatile climatic conditions can affect the stability and effectiveness of infrastructure and equipment; potentially impact environmental protection and site closure practices; lead to changes in the regulatory environment, including increased carbon tax regimes; and potentially impact the stability and cost of water and energy supplies.

We therefore view climate change as a company, community, and global concern. In 2017, we developed a climate change strategy aligned with our overall business strategy to grow free cash flow per share through safe and responsible mining.

Barrick has set a goal to keep its current GHG emissions flat in the short term and is targeting a 30% reduction in GHG emissions by 2030, from a 2016 baseline of 3.5 MT CO2e emitted.

We understand the important link between energy use and climate change. By effectively managing our energy use, we are able to reduce our greenhouse gas (GHG) emissions, achieve more efficient production, reduce our draw from local energy grids, and save a significant proportion of our direct mining costs. Managing our energy use is therefore a business imperative.

Conservation, energy efficiency and alternative energy sources form our core energy strategies. Barrick’s Energy Management Policy establishes requirements for the effective administration and control of all energy sources (fuel, power, explosives) used by the Company. Throughout the mining process, our approach to managing energy use and climate change is informed by our Environmental Management System and associated Standards.

Managing Our Energy Use

We understand the important link between energy use and climate change. By effectively managing our energy use, we are able to reduce our greenhouse gas (GHG) emissions, achieve more efficient production, reduce our draw from local energy grids, and save a significant proportion of our direct mining costs.

Greenhouse Gas Emissions ? The 2016 baseline for Barrick’s climate strategy was established based on sites the company operated in 2016. Thus, the Veladero mine is included in Barrick’s greenhouse gas and energy use totals. Data on the Porgera and Jabal Sayid mines are not included in the total.Tonnes C02e

Energy UseGigajoules

Barrick’s climate change strategy has three pillars:

1. Understand and mitigate the risks associated with climate change

In 2017, we performed a climate change risk assessment, using our standard risk management framework. We assessed risks and opportunities across both potential transition (e.g., regulatory, policy, reputational) and physical (e.g., extreme climate events) aspects of climate change. We have identified the top three climate-related risks and opportunities for our business: an increase in extended duration extreme precipitation events; an increase in climate change regulations to limit greenhouse gas (GHG) emissions; and increased global investment in innovation and low-carbon technologies. The assessment also included a review of the current mitigation and controls associated with each risk and identified areas which may need further strengthening to reduce risk.

2. Reduce the Company’s impact on climate change

Over the course of 2017, we analyzed our current and forecasted GHG emissions to develop an ambitious but realistic goal to reduce Barrick’s GHG emissions. Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By effectively managing our energy use, we can reduce our draw from local energy grids, reduce our GHG emissions, achieve more efficient production, and save direct mining costs. Barrick has set a goal to keep its current GHG emissions flat in the short term and is targeting a 30 percent reduction in GHG emissions by 2030, from a 2016 baseline of 3.5 MT CO2e emitted. This target is also closely aligned with the national targets set by many of our host governments.

3. Improve our disclosure on climate change

In 2017, we committed to supporting the voluntary recommendations of the industry-led Financial Stability Board Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD recommendations are considered the new benchmark for disclosure of climate-related risks and opportunities, and Barrick was the only Canadian mining company to make this public commitment. We will implement the full recommendations over the next two years.

10% of the energy Barrick used in 2017 was from renewable sources.

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