Wheaton Precious Metals: Climate Policy and Net Zero Carbon Commitment
WHEATON PRECIOUS METALS ADOPTS CLIMATE CHANGE POLICY
AND COMMITS TO NET ZERO CARBON EMISSIONS BY 2050
Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) is pleased to announce enhanced climate change and environmental commitments through a number of new, formalized policies and initiatives as part of Wheaton’s broader environmental, social and governance (“ESG”) strategy.
“Today’s announcement reinforces Wheaton’s long-standing commitment to industry-leading ESG practices and to being an agent of change. These initiatives are not only critical to how we manage our business risk, but they are also the right thing to do,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “Along with our partners, we strongly believe that promoting responsible mining practices and developing clear roadmaps to reach net zero is more important than ever. Aligning our strategy and approach with the most recent climate science will allow us to continue our mandate of delivering long-term sustainable value to all our stakeholders through our streaming business model.”
These enhanced climate change and environmental commitments include the following:
- Commitment to achieve net zero carbon emissions by 2050*. This includes the establishment of targets across both Scope 2 and Scope 3 attributable emissions to support a 1.5° C trajectory. This target development process will begin immediately in collaboration with third-party partnership organizations to ensure that our targets align with the goals of the Paris Agreement, and regular updates will be provided beginning in Wheaton’s 2021 Sustainability Report (the “Sustainability Report”) to be published in May.
- Engagement with our mining partners to encourage the establishment of emissions targets to support a 1.5° C trajectory at their operations.
- Establishment of a fund to support our mining partners’ efforts to move to renewable energy sources and / or reduce emissions at the mines in which we have an interest. Accessible to all mining partners, Wheaton has made a $4 million initial commitment, representing 1% of its average net income of the previous four years.
Wheaton’s detailed approach to climate change, including comprehensive information on climate related financial risks and opportunities, will be disclosed in its upcoming Sustainability Report to be published in May and will be aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The Sustainability Report will also provide inaugural quantification of Wheaton’s Scope 3 emissions for its Investments (Category 15).
Wheaton’s full climate change and environmental policy is available here. To find out more about Wheaton’s ESG approach, visit https://www.wheatonpm.com/responsibility
*Net zero includes emissions reductions in line with a 1.5 trajectory across Scopes 1, 2 and 3. Achievement of net zero may include the use of offsets for residual emissions in 2050.
In the interview below CEO Randy Smallwood provides an overview of the business and his view on the precious metals market
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