Wheaton pledges to reach net zero by 2050

Marilyn Scales | February 9, 2022 | 10:38 am News Cobalt Gold Silver 
Vale nickel GM EVs
Vale, which operates the Voisey’s Bay nickel operation in Newfoundland, will supply the metal to GM electric vehicles. Credit: Vale

Wheaton Precious Metals (TSX: WPM; NYSE: WPM; LSE: WPM) announced enhanced climate change and environmental commitments with new, formal policies as part of its broader environmental, social government (ESG) strategy. Chief among its promises is to reach net zero carbon emissions by 2050.

In order to reach its goal, the company is establishing targets across both Scope 2 and Scope 3 emissions to support a 1.5°C trajectory. The process will begin immediately with third-party partnership organizations, and results will be published in the 2021 sustainability report in May.

As a precious metals streaming company that doesn’t operate its own mines, Wheaton is engaging with its mining partners, urging them to establish emissions targets that support a maximum 1.5°C global temperature rise. The company is also establishing a fund to support its partners’ efforts to move to renewable energy sources and/or reduce emissions at mines in which Wheaton has an interest. The initial capital commitment is $4 million.

“These initiatives are not only critical to how we manage our business risk, but they are also the right thing to do,” said Randy Smallwood, president and CEO. “Along with our partners, we strongly believe that promoting responsible mining practices and developing clear roadmaps to reach net zero is more important than ever.”

Wheaton’s full climate change and environmental policy is available here. To find out more about its ESG approach, visit www.WheatonPM.com/responsibility.

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