Ecora recognises the important role that it can and must play in supporting the energy transition
At a corporate level, we have a low footprint but continually look at ways to improve our energy efficiency and carbon reduction. Ecora is also committed to publicly disclosing its climate-related risks and opportunities and its approach in relation to managing such climate-related impacts that arise from our business and our investments.
Ecora commits to reduce absolute Scope 1 and 2 GHG emissions 46% by 2030 from a 2019 base year, and to measure and reduce its Scope 3 emissions.
Metrics and targets
Target emissions aligned with 1.5°C warming
During the course of 2022, the Group has been working to understand how it can set meaningful targets to mitigate the carbon impacts of its business. The SBTi has approved Ecora’s near-term science-based emissions target set out below:
Ecora already achieved this target at the end of 2022 as it had zero Scope 1 and 2 GHG emissions. Ecora has joined thousands of businesses who are working to reduce their emissions in line with climate science through science-based targets. Ecora’s approved target can be found on the SBTi website at the following link:
The SBTi guidance for SMEs informed our approach to achieving zero Scope 1 and 2 emissions in 2022 and reducing our Scope 3 (upstream) emissions. More broadly, SBTi guidance has enhanced our understanding of what it means to be net zero, and going forward the Group will explore how it might feasibly expand its ambitions.
In this spirit, Ecora has also committed to the following additional objectives:
- Ecora commits to achieving and maintaining zero Scope 1 and 2 GHG emissions by the end of 2023
- Ecora to maintain carbon neutrality (at the corporate level) (recognised by ClimatePartner). With regards to being carbon neutral, we include our Scopes 1, 2 and 3 (upstream) (and do not currently include Scopes 3 (downstream) emissions predominantly related to our investments)
- Ecora will continue to engage with its operating partners to understand their emission reduction and net zero targets and respective action plans in line with a 1.5°C warming pathway.
- Ecora will continue to enhance its understanding of its Scope 3 (downstream) emissions.
|Climate change and energy||2020||2021||2022|
|Direct (Scope 1) GHG emissions||0||0||0|
|Indirect (Scope 2) GHG emissions||13.42t||0||0|
|Total Scope 1 and Scope 2||13.42t||0||0|
|Scope 3 (upstream) at a corporate level||23.25t||35t||102t|
We recognise that climate change is one of the biggest challenges of our times. As a result, we have a responsibility to our stakeholders to assess the physical and transitional risks and opportunities together with the financial implications associated with climate change that could potentially impact our business model. The Group has used the TCFD framework to facilitate this assessment and build on the disclosures made in last year’s Annual Report.
While the Group does not control or directly operate any of the mines or mills from which it receives royalties or physical metal deliveries, it does control its strategy and investment decisions; accordingly our most significant exposure to climate-related risks and opportunities arises indirectly through the operations underlying our portfolio of royalties and streams. It is in this context that we:
- undertake our assessment of climate-related risks and opportunities, including the scenario analysis used;
- respond to the risks and opportunities identified; and
- will establish metrics and targets to be used in managing climate-related risks and opportunities as well as measuring the Group’s performance.