SUSTAINABILITY 
Energy and climate change
Gold Fields’ Scope 1 and 2 emissions are primarily energy-related and, accordingly, energy management is a critical lever to reducing our carbon footprint and meeting our emissions reduction targets. We have a systematic approach to measuring, monitoring and managing our energy consumption and associated greenhouse gas emissions, which is based on the international ISO 50001 energy management standard.
We set emissions abatement targets at a Group level, with specific targets and action set at operational level, either through capital allocation or energy efficiency projects. Identifying and allocating capital, and implementing these initiatives and projects follow a rigorous techno-economic viability approach based on Gold Fields’ Capital Allocation Framework, as well as our portfolio view of the abatement costs across all operations. This ensures that we continually improve the Group’s economic and operational resilience while reducing our environmental impacts.
| 2024 | 2023 | Year-on-year change | Comment | |
| Energy performance | ||||
| Total energy consumption | 14.4PJRA | 14.1PJ | 2% | Energy consumption varied slightly across all sites, as per normal operations. Damang's energy consumption decreased as mining reduced in line with the mine plan, while St Ives' consumption increased significantly as total tonnes mined increased |
|---|---|---|---|---|
| Renewable electricity (% of total) | 18% | 17% | 4% | The year-on-year increase was expected as we expanded our renewable energy generation on-site. The Khanyisa solar plant provided 17% of South Deep's electricity in 2024 (2023: 15%) |
| Energy intensity | 6.39GJ/oz | 5.64GJ/oz | 13% | Energy intensity was impacted by the 10% decline in production in 2024 |
| Energy savings through initiative | 0.16PJRA | 1.27PJ | – | Not applicable as methodology changed |
| 0.22PJ | (28)% | An improved methodology in 2024 resulted in reduced energy savings being recorded. Based on our 2024 methodology, energy savings for 2023 would have been 0.22PJ. Until 2023, electrical energy generated through renewable plant generation was included under energy savings initiatives; from 2024, only the emissions and cost savings from these sources are accounted for | ||
| Energy spend | US$423m | US$405m | 4% | Consistent with growth in energy costs and the increase in energy consumption |
| 2024 | 2023 | Year-on-year change | Baseline year | 2030 target | Comments | |
| Carbon performance | ||||||
| Scope 1 and 2 emissions | 1,632kt CO2e RA | 1,632kt CO2e | 0% | 1,693kt CO2e (2016) | 1,185kt CO2e | We maintained emissions year-on-year as we work towards our 2030 goal amid a higher percentage of renewable energy in our energy mix |
|---|---|---|---|---|---|---|
| Scope 1 and 2 emission intensity | 726kg CO2e/oz | 656kg CO2e/oz | 11% | 786kg CO2e/oz (2016) | 423kg CO2e/oz | Consistent with energy intensity changes, largely driven by the 10% decline in production in 2024 |
| Scope 1 and 2 emission reductions (through initiatives) | 256kt CO2e RA | 201kt CO2e | 28% | Driven by increased renewable energy generation and energy efficiency projects | ||
| Scope 3 emissions | 823kt CO2e RA | 950kt CO2e | (13.3)% | 980kt CO2e (2022) | 882kt CO2e | Reductions primarily driven by the sale of Asanko, updated emissions factors in Australia and Ghana, and reduced volumes at Cerro Corona |
| Amount spent on energy and emissions savings initiatives | US$17m | US$8m | 11.3% | Increased investment in efficiency projects | ||
2024 renewable projects
| Mine | Detail | Approved budget | Commission date |
| Granny Smith | 11MW solar farm and 7MW battery expansion | Power purchase agreement (PPA) | Q1 2025 |
| St Ives | 35MW solar farm and 42MW wind | A$295m (US$195m) | Q1 2026 |
Renewable project studies
| Mine | Detail |
| Gruyere | Prefeasibility study for a possible solar farm expansion |
| Granny Smith | Prefeasibility study for a possible wind farm |
| South Deep | Wind, solar and battery power scoping study underway. Environmental approval for a 40MW wind farm and an additional 30MW of solar has been granted |
| Salares Norte | Solar farm of approximately 2MW (study to commence in 2026); waste energy from diesel power plant under review |
Energy performance
Decarbonisation Strategy
Gold Fields is committed to achieving net-zero carbon emissions by 2050 in alignment with the Paris Agreement. Our target-driven Decarbonisation Strategy is structured around a framework that prioritises energy resilience and cost-effective reduction in emissions while maintaining operational efficiency and business sustainability. Applying a commercial lens has been critical since Gold Fields formally launched its Decarbonisation Strategy in 2016. We have a portfolio-based view of our decarbonisation efforts, critically assessing where the greatest opportunities lie to enhance operational flexibility and energy security and meet our carbon reduction priorities.
We have systematically integrated renewable energy solutions, process efficiencies and technology-driven abatement strategies to reduce our carbon footprint while maintaining production growth. By 2024, we had achieved a 4% reduction in Scope 1 and 2 emissions against our 2016 baseline, while production increased by 5% over the same period. The reductions are attributed to various renewable energy investments at five of our nine operations, the use of hydroelectricity at Cerro Corona, as well as a range of energy efficiency projects at all our operations. In 2023, we also added a target to reduce our net Scope 3 emissions by 10% against a 2022 baseline, and we continue to engage with our key suppliers as we work towards this target.
Looking ahead, our Decarbonisation Strategy will focus on four key pillars to achieve our 2030 targets:
Energy costs and energy savings
The infographic below indicates how Gold Fields plans to reduce its Scope 1 and 2 carbon emissions by a net 30%, from 1,693kt CO2e in 2016 (our baseline year) to 1,185kt CO2e by 2030. Assuming further gold production growth by 2030, the emissions reduction required may well be an absolute 50% over that period.
Approximately 50% of targeted emissions reductions by 2030 are expected to come from renewable energy, with the remainder achieved through electrification, efficiency enhancements and transitionary abatement measures. Two renewable projects, included below, will play a particularly important role in helping us reach our 2030 Group decarbonisation goals, while also providing significant cost and energy supply security.
At St Ives, we are constructing our largest renewable energy project to date, with an investment of A$295m (US$195m), comprising a 42MW wind farm and a 35MW solar plant. The renewable system is expected to provide 73% of St Ives’ electricity and will reduce the mine’s Scope 1 and 2 carbon emissions by about 50% by 2030.
During 2024, the 50MW Khanyisa solar plant at South Deep, commissioned in 2023 for R715m (US$46m), provided 17% of South Deep’s electricity, as well as R350m (US$19m) in cost savings since commissioning when compared to the tariffs charged by the state utility and saved 178kt CO2e in Scope 1 and 2 emissions. As we consider further investments in renewables at South Deep – via wind turbines or an expansion of our solar plant – these benefits will be even more pronounced over the 70-year LOM.
Additional renewables deployment at other mines and the ongoing focus on energy efficiency will account for the bulk of the emission reductions achieved by 2030. The source of the remaining contributions will be determined through the ongoing mid-point review, expected to be a combination of further renewables, energy efficiency and electrified (instead of fossil fuel powered) materials movement technologies.
2030 decarbonisation trajectory (kt CO2e)
