Caledonia achieves 14pc reduction in greenhouse gas emissions

MINING entity — Caledonia Mining Corporation Plc has attributed a 14 percent reduction in greenhouse gas emissions to the 12,2 megawatt solar plant, which has decreased reliance on both the local grid and diesel generators.

Caledonia has enhanced its sustainability reporting to align with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards for the first time.

The development reflects the mining house’s sustainable business principles and the significance of environmental, social and governance (ESG) management in its corporate strategy.

The 12,2MW solar plant, which was connected to the Blanket Mine electrical grid provides approximately 27 percent of the mine’s average daily electricity demand.

In 2020, Caledonia announced that the $14 million in solar power was part of efforts to address electricity constraints that have over the years affected the mining industry.

The project is in line with the Government’s strategy to boost power production.

Caledonia’s chief executive officer, Mr Mark Learmonth said the fourth annual ESG report and the first prepared in line with the GRI, increases the robustness of ESG-linked disclosures and overall transparency.

He said it is one of several steps taken in 2023 to reinforce the commitment to ESG and responsible operations.

“A major operational highlight in 2023 was the substantial 14 percent reduction in Scope one and two greenhouse gas emissions. This was made possible following the installation of our 12,2 MW solar plant, which has decreased our reliance on both the local grid and diesel generators,” he said.

“We regard operating in Zimbabwe as exciting both in terms of geological and human potential and have long recognised that operating responsibly is not just a moral obligation, but a business imperative.

“As our sustainability processes and data capturing mature, we are confident that we will be able to develop emission reduction targets backed up by climate science and geographic realities.”

Mr Learmonth noted that in the period under review, a 62 percent reduction in diesel used in generators was achieved and eight percent of total water consumption consisted of recycled water.

Listed firms on both the Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VFex) were with effect from January 1, 2024 required to implement and reflect a set of Mandatory Adoption of Sustainability Reporting regulations on their chairman’s statement of the annual report.

The stock exchanges have developed core sustainability disclosure metrics for adoption as a minimum starting point.

Issues around ESG and circular economy have lately become a priority for companies to enhance their visibility to the investor community, as they have become a determinant factor in investors’ choice of investments.

Market watchers say early adoption will likely unlock and bring capacity building and support to the country as the accounting profession prepares for implementation.chroncile