A new report from the World Gold Council has identified key climate-related vulnerabilities within the gold mining industry and offers several strategies for managing associated risks.
The Gold and climate change: Adaptation and resilience report, conducted in collaboration with climate risk and community design specialists at Stantec, summarises the climate change hazards likely to impact gold mining at local and regional levels.
The World Gold Council Climate Change Lead, John Mulligan, said the research acknowledged the substantial awareness of golf miners in acknowledging climate risks.
“Our latest research, which complements our previous analysis of the impacts of transition risks on the gold sector, indicates that the gold mining industry has demonstrated substantial awareness of the challenges imposed by physical climate impacts, and has made significant steps to introduce greater resilience at mine sites and in local communities,” Mr Mulligan said.
“However, these steps will need to accelerate as our collective understanding of climate impacts continues to develop at a rapid rate.
“Our findings emphasise the opportunity for the sector to share knowledge, identify convergent and consistent methodologies, and define innovative adaptive solutions.
“Building on the substantial foundations identified in the report, the gold mining sector is ready to extend its capacity for greater future climate resilience.”
The report identifies several recommendations for mitigating against climate risks, including:
- Strive for greater sectoral consistency and knowledge sharing in defining methodologies for assessing climate vulnerability and adaptation
- Balance consideration of acute risk with a longer-term view on chronic risks
- Incorporate an acknowledgement and understanding of combined compound risks
- Integrate community risks into local vulnerability appraisals and resilience plans
- Use local and indigenous knowledge of climate change and weather impacts to inform climate risk assessment processes
- Share knowledge and resources with local communities, and adopt a multi-stakeholder approach to adaptation planning and designing for climate change resilience
- Plan for innovation, using data and technology to produce a more dynamic approach to managing climate-related vulnerabilities and potential physical hazards.
Download the Gold and climate change: Adaptation and resilience report in full, here.
