No surprise, then, that gold companies are scrutinised for their sustainability commitments. Newmont Corp, the world’s largest gold mining company, pledged in November 2020 to reach net-zero carbon emissions by 2050. The Colorado-headquartered corporation has also committed to a 2030 target to cut GHG emissions by 32% for Scope 1 and 2 emissions from a 2018 baseline, and reduce Scope 3 emissions by 30% from a 2019 baseline.
In a given year, gold mining emits more greenhouse gases (GHG) than that of all passenger flights between European nations, say geologists from the University of Western Australia.
Gold mining and extracting gemstones also affect the environment through soil erosion, water contamination and loss of biodiversity, among others. Pollutants used in gold refining processes can contaminate the soil and nearby water sources; a study published in 2021 links gold mining in southern Ethiopia to high levels of arsenic and increased concentration of cyanide and lead in rivers there.
