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In Australia, we’re earning credits for reducing our carbon footprint. We recently became the first mining company in Western Australia to successfully auction our avoided emissions and receive carbon credits from the country’s Emission Reduction Fund (ERF).
The ERF grants qualifying projects carbon credits for avoiding carbon emissions during their operations. These credits are then bought back by the Australian government at a certain unit price as incentive to keep cutting back on emissions.
Contracted in April 2016, the Granny Smith gas power station avoided close to 21 000 tonnes of carbon emissions, when our previous diesel power plant was converted to gas and qualified for rating in the ERF’s energy efficiency category. That’s about 8 000 tonnes more than expected, earning us extra credits.
Credits have been trading between A$10 and A$12 over the past two years. We can use them to fund other energy initiatives and the extra credits to offset carbon emissions at our other Australian mines.
“We have a commitment in our Group Climate Change Policy to look for opportunities and assess risks related to climate change and have noticed an increasing number of regulated incentives, such as the ERF. If they assist us in ensuring energy security supply we will make use of these incentives,” says Gold Fields CEO, Nick Holland.