Tektronix Resources released its third TCFD-related climate change report, Climate change Outlook 2021, on Wednesday, outlining how the company will continue its efforts to reduce emissions to become a carbon-neutral operator by 2050.
Teck's 2021 report outlines three climate-related scenarios looking ahead to 2040 to help define the scope of future risks and opportunities and inform corporate strategy and risk management.
The first scenario highlights Teck's current focus on copper growth to transform its portfolio into metals; second, to focus on developing its metals business in areas essential for the transition to a low-carbon world over the next decade, while continuing to produce steelmaking coal and reducing carbon emissions needed for a low-carbon transition; and third, over the next two decades, the focus is on becoming a leading metal producer in a low-carbon world.
Tektronix's QB2 project in Chile is currently under construction and its combined copper production will double when it goes into production in 2022.
In all cases, Tektronix says, demand for copper, zinc and steelmaking coal will continue-some of the basic components of a low-carbon future.
Driven by low-emission vehicles, energy storage and transmission, improved energy efficiency and the growth of renewable energy generation, the increase in copper demand is directly related to decarbonization.
Teck, an American copper producer with strong project pipelines, said its Chile Quebrada Blanca Phase 2 (QB2) project, which is currently under construction, would double its combined copper production when it goes into production in 2022.
Marcia Smith, Senior Vice President of Media Sustainability and external Affairs, said Tektronix is taking significant steps to address climate change risks because we know that all sectors, including mining, need to play an active role in contributing to addressing climate change challenges. We are working to reduce the carbon footprint of our operations while rebalancing our portfolio to copper, an important metal for low-carbon technology and infrastructure.
Tektronix points out that it is committed to reducing operational greenhouse gas (GHG) reduction targets to limit global warming to 1.5C. In 2020, we set an ambitious long-term goal of becoming a carbon-neutral operator by 2050 and a short-term goal of reducing the carbon intensity of our operations by 33% by 2030. To achieve this vision, we have developed a preliminary roadmap for the 2025 and 2030 goals, including that 50% of our electricity demand in Chile will be purchased from clean energy by 2025 and 100% by 2030.
Last year, Teck switched to 100 per cent renewable energy in its Carmen de Andacolla operations and signed a power purchase agreement to purchase more than 50 per cent of QB2 operating power needs from renewable energy.
The company said the measures would avoid about 1 million tons of greenhouse gas emissions a year, equivalent to about 210000 passenger cars.
