Newmont Mining Corporation has expanded its carbon offset program with CO2 Group to 30 years, tripling the project's value.
Newmont Mining Corporation has expanded its carbon offset program with CO2 Group to 30 years, tripling the project's value.
The expanded agreement will see CO2 establish plantings in Western Australia this financial year.
The plantings use mallee eucalypt trees to create a permanent forest carbon sink that will capture carbon over its 30-year life.
CO2 chief executive Andrew Grant said: "CO2 Australia has a proven track record of delivering carbon sequestration projects. We are the leading service provider in the Australian market and have delivered consistent, quantifiable carbon offsets through the planting of trees on the scale required by large emitters. We commend Newmont's display of environmental leadership in the face of uncertainty regarding the Carbon Pollution Reduction Scheme (CPRS)".
The forest carbon sink being developed by CO2 for Newmont will be Kyoto compliant and established in accordance with draft CPRS legislation.
Newmont Asia Pacific senior vice president, Tim Netscher said Newmont was serious about its commitment to environmental leadership and had been investigating options to responsibly manage its carbon emissions for some time.
The company is a founding signatory of The Climate Registry in the U.S. and also participates in the
Carbon Disclosure Project.
In Australia, Newmont has been reporting its Australian carbon footprint through the Greenhouse Challenge Plus program since 1998.
"We have an obligation to consider the carbon emissions produced by our operations and the impact that has on climate change," Mr Netscher said.
"CO2 Australia is an accredited abatement provider with experience in providing carbon solutions for large businesses like ours."
Mr. Netscher went on to add, "The carbon offset project with CO2 Australia is one part of Newmont's approach to addressing climate change. Newmont has developed a comprehensive Climate Change Strategy to better manage and understand our emissions, and we continually evaluate energy generating and efficiency solutions across the Company that range from fuel switching, solar power and mine fleet technology innovation."
