According to a recent report published by ABB, titled ‘Mining’s Moment’, the mining industry is making strides toward sustainability and significant decarbonisation. Conducted across 18 countries, the survey included insights from 412 mining leaders and experts who shared their perspectives on the industry's future. Notably, the survey revealed that 70% of these leaders are optimistic about the potential for significant decarbonisation through existing technologies.
Max Luedtke, global business line manager for mining at ABB Process Industries commented, “There is real excitement amongst business leaders about the role they are playing in supporting the green energy transition, and they are taking the issue of mining’s impact on our environment seriously." He added that while there is positive momentum towards meeting sustainability targets, it is important to recognise that challenges remain, as "some respondent companies are struggling to meet their goals."
The report highlights a palpable confidence in achieving sustainability targets. Specifically, 15% of respondents expressed strong confidence in hitting their sustainability objectives by 2030, while 52% conveyed a moderate level of confidence for the same timeframe. This perspective shifts slightly when considering longer-term targets, as 48% expressed strong confidence regarding objectives set for 2050.
Integral to this transformation, the survey indicated that 77% of mining leaders believe that a combination of integrated electrification, automation, and digital technologies are essential for realising sustainability goals. The anticipated investment plans are ambitious: 53% of leaders foresee a significant transformation or complete overhaul of operations, while 28% are looking towards moderate evolution and 19% are planning for incremental changes. This indicates that a substantial 81% of leaders are intent on evolving or transforming their operations to align with sustainability principles.
The publication of the report forms part of ABB’s Real Progress campaign, which aims to leverage technology and expertise to enhance productivity alongside sustainability efforts. The mining sector faces unique challenges, needing to ramp up production to supply raw materials for the green energy transition while concurrently reducing its environmental impact. The respondents conveyed optimism, with 73% expressing excitement about the increasing recognition of mining's role in providing resources for green technologies.
The ABB report also identifies three critical areas where investment can foster sustainability in mining: people, technology, and processes. A significant barrier to decarbonisation is the limited expertise and skills within the industry, with 44% of those surveyed identifying this as a major challenge. In response, 70% of leaders indicated their commitment to reskilling and upskilling current employees to bolster decarbonisation efforts.
Moreover, a majority of leaders see electrification as a foundational element of their decarbonisation strategies, with 91% asserting its importance. Nonetheless, 46% of respondents expressed concerns regarding the risk of operational disruption as a barrier to sustainable transformation, underscoring the necessity for innovative approaches to systems and processes. In alignment with this, 73% agreed that mining transformation necessitates a novel approach to technology and risk management.
As the mining sector continues to navigate these complex changes, it remains to be seen how these strategies and commitments will unfold in the coming years. The focus on sustainability and decarbonisation highlights a significant shift in industry priorities, indicative of a broader trend towards environmentally responsible practises within the business landscape.
Source: Noah Wire Services