Ferrexpo Plc (the U.K.), managing Poltava Mining and Yeristovo Mining in Ukraine, has started cooperation with specialists Ricardo Plc (the U.K.), as part of decarbonization plans by 2050. “The Group undertakes a commitment to achieve net zero carbon emissions from its operations by the year 2050,” the company said in a press release on Monday. In addition, the group undertakes an initial commitment to achieve a minimum of a 30% reduction in combined Scope 1 and 2 emissions by 2030.
According to the press release, Ricardo to also help enhance the group’s existing climate change scenario reporting and review the role of Ferrexpo’s iron ore pellets within the circular economy. Results of Ricardo’s analysis expected to enhance the group’s carbon reduction targets and to further develop climate change reporting in 2022.
Jim North, Interim Group Chief Executive Officer, said that whilst iron ore pellets offer our customers the opportunity to significantly reduce carbon emissions already, it is important to signal a clear intention to decarbonise our own operations.
“It is on this basis that we have adopted the targets announced today, to demonstrate both our focus on climate change and our understanding of the importance of decarbonisation,” North said.
He said that Ferrexpo jointly with Ricardo intends to be a workstream that develops science-based reduction targets and a timeline for the stages of decarbonisation in each aspect of the Ferrexpo business.
“In the 18 months to June 2021, the group has already recorded a carbon reduction in excess of 20%2, which is a demonstration of our commitment to the environment,” North said.
Tim Curtis, Energy & Environment Managing Director at Ricardo Plc, said that Ricardo’s experts have been helping organisations around the world to develop robust and science-based pathways to achieving net zero carbon emissions and they will support Ferrexpo with the development of its decarbonisation targets and providing objective expertise to help realise this ambition.
Ricardo Plc is a world-class environmental, engineering and strategic consulting company.
Ferrexpo is an iron ore company with assets in Ukraine.