Antofagasta PLC TCFD PROGRESS REPORT (8954L)
September 15 2021 - 7:09AM
UK Regulatory
TIDMANTO
RNS Number : 8954L
Antofagasta PLC
15 September 2021
NEWS RELEASE, 15 SEPTEMBER 2021
TCFD PROGRESS REPORT
Antofagasta ("the "Company") today releases a progress report on
its implementation of the recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD). The report provides
an overview of the Company's TCFD-related work to date and its
climate resilience response. The Company plans to achieve full
disclosure against the TCFD recommendations during Q1 2022.
Ivan Arriagada, Antofagasta CEO commented: "We recognise that
climate change is one of the greatest challenges facing society and
our company today. A successful transition to a low-carbon economy
requires a significant input of copper as a vital ingredient of
renewable power generation and electrification of transportation so
it is our responsibility as one of the world's largest copper
producers to ensure we understand and reduce exposure to climate
risks.
"Our long-term vision is to minimise our emissions, enhance
water security and have resilient operations".
"We are strengthening our climate resilience, adapting to
today's climate change impacts, whilst also mitigating against
emerging climate risks and seizing opportunities to decarbonise our
business. The TCFD recommendations provide a welcome framework for
us to share with our stakeholders our journey to combat climate
change and manage its impacts."
TCFD Progress Report Highlights:
Governance
-- The Board of Directors has ultimate responsibility and oversight for climate-related issues
-- Climate-related responsibilities are assigned to specific
management-level positions and employees and managers are held
accountable through annual performance agreements.
Strategy
-- Two scenarios are being used to reflect two extremes of climate change:
o An 'aggressive mitigation' scenario under which significant
policy and regulatory action and rapid technological change imply
that the rise in temperature remains well below 2degC (based on the
Sustainable Development Scenario of the International Energy Agency
(IEA))
o A 'high-warming' scenario under which there is limited action
taken to address rising emissions and average temperatures rise by
around 4degC by 2100, generating significant disruption of climate
and weather systems (based on the IPCC's RCP8.5 scenario)
-- Transition and physical climate-related issues are being
assessed under both scenarios to determine the potential risks and
opportunities and associated business impacts
-- The potential financial impact of the most material
climate-related risks and opportunities is being quantified so as
to inform the Company's response, in terms of strengthening its
business resilience.
Risk management
-- Climate change risk is managed within Antofagasta's risk
management framework, which considers the costs and benefits
associated with climate change
-- Building a lasting framework that enables the business to
adapt to, capture and manage the potential risks related to the
impact of the transition to a low-carbon economy and the physical
impacts of climate change
-- The Company will be seeking to analyse the financial impact
of climate risks, to help further tailor its current risk
management processes to allow the effective management of the
intricacies of climate risks.
Metrics and targets
-- The Company has committed to becoming carbon neutral by 2050,
in line with Chile's national target.
-- Having achieved its first emissions reduction target two
years early, the Company has now committed to a further 30%
reduction (730,000 tCO2e) of Scope 1 and 2 emissions by 2025
-- By the end of 2022 the Mining division will be using 100% renewable electricity
-- The completion of a desalination plant at Los Pelambres in
2022 will further increase the Company's use of seawater
-- In 2021, the Company will complete the analysis to assess
emissions across its entire value chain (Scope 1, 2 and 3)
The TCFD Progress Update Report is available on the Company's
website here .
Investors - London Media - London
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Rosario Orchard rorchard@antofagasta.co.uk
Telephone +44 20 7808 0988
Media - Santiago
Pablo Orozco porozco@aminerals.cl
Carolina Pica cpica@aminerals.cl
Telephone +56 2 2798 7000
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