Economy at Large
Mining: Decarbonization and Profits AUTHOR: David Jarrett and Team Editor @ RDJ Publishing and RDJ Group Chief Executive Officer
Nature provides.
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Courtesy: Swakopuranium.com
ith COP 29 looming and to be held in Baku, Azerbaijan, another round of pressure related to decarbonisation will be building and the global
focus on decarbonisation intensifies. Mining as a major supporter of Namibia’s Gross Domestic product (GDP) faces growing pressure to align with global sustainability goals. The need to decarbonise operations is not just an environmental imperative but also a strategic necessity for maintaining competitiveness and profitability in a rapidly changing global market. With mining as a cornerstone of Namibia's economy, contributing about 10 percent to the GDP and providing a substantial portion of the country’s export earnings. The industry however is dominated by diamond mining, but other minerals such as uranium, gold, copper, and zinc are also significant. With such reliance on mining, any shift in global economic or regulatory landscapes can have farreaching consequences for Namibia’s economic health. 6
Decarbonization is now not just a compliance issue but provides a strategic opportunity. By adopting low-carbon technologies and practices, these companies can reduce operational costs in the long run, particularly as carbon pricing mechanisms become more widespread. Innovations in renewable energy, such as solar and wind, present viable options for reducing the carbon footprint of mining operations. Namibia, with its abundant sunshine and wind resources, is well-positioned to capitalize on these technologies. Additionally, improvements in energy efficiency, electrification of mining equipment, and carbon capture and storage (CCS) technologies offer pathways for reducing emissions. A good example of this already exists such as with the B2Gold solar power plant that is expected to reduce dependency on other sources of electricity by some 30 percent. This will reduce their Scope 1 or Scope emissions.
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InFocus NAMIBIA AN ENERGY AND SUSTAINABILITY OVERVIEW