Gold Production and the Global Energy Transition—A Perspective

Allan Trench (), Dirk Baur, Sam Ulrich and John Paul Sykes
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Allan Trench: Centre for Exploration Targeting, School of Earth Sciences, University of Western Australia, Perth, WA 6009, Australia
Dirk Baur: UWA Business School, University of Western Australia, Crawley, WA 6009, Australia
Sam Ulrich: Centre for Exploration Targeting, School of Earth Sciences, University of Western Australia, Perth, WA 6009, Australia
John Paul Sykes: Centre for Exploration Targeting, School of Earth Sciences, University of Western Australia, Perth, WA 6009, Australia

Sustainability, 2024, vol. 16, issue 14, 1-13

Abstract: Gold is neither a critical mineral nor a metal that is central to the global energy transition in terms of demand from new energy production technologies. Yet, gold is unique among mined commodities for its role in financial markets and for its global production footprint including in numerous developing economies. Since the production of gold incurs CO 2 emissions and other environmental risks including water pollution and land degradation, gold producers seek to adopt clean production solutions through electrification and renewable energy adoption. Further, gold’s unique role as a store of value creates new potential green business models in gold, such as the digitalisation of in-ground gold inventories, which can further reduce negative environmental externalities from gold mining. A net-zero emissions, future global gold industry, is possible. Major gold producers are targeting net-zero Scope 1 and 2 emissions by 2050, coupled with a lower overall environmental footprint to meet heightened societal expectations for cleaner production. An analysis of emissions data from Australian gold mines shows systematic differences between mining operations. Further clean energy investment in gold production is required to reduce emission levels towards the target of net zero.

Keywords: gold mining; energy; emissions; economics; business (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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