A multinational resources company vowed to stop constructing proposed coal developments.
South32 recently promised to never spend money on, or build, new coal projects in future.
“While we believe metallurgical coal will be required in the steelmaking process for at least the next two decades, until low-carbon steelmaking becomes economically viable on a commercial scale, we will not develop or invest in greenfield metallurgical coal projects,” its 2022 sustainable development report said.
“We committed not to develop any new greenfield energy coal basins [too].”
The mineral producer will instead focus on optimising its existing Dendrobium Coal Mine and Illawarra Metallurgical Coal Complex, 90km and 75km southwest of Sydney respectively.
“We will not proceed with an investment in the Dendrobium Next Domain Project at our Illawarra Metallurgical Coal operation in Australia, following our consideration of recently completed study work and extensive analysis of alternatives,” it said in the document.
The business has already set a goal of net-zero, scope three greenhouse gas emissions by the year 2050.
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