The Royal Mint has seen its science-based net zero targets now officially validated by the Science Based Targets initiative, the global body that enables businesses to set ambitious greenhouse gas emissions reductions goals in line with the latest climate science.
It is the latest move the institution has made towards reducing its environmental impact as Britain’s oldest company continues along its path to transform for the future. The Royal Mint has committed to reaching net zero GHG emissions by 2050 across its own operations and within its supply chain.
In the longer term, The Royal Mint has committed to reducing its scope 1 and 2 GHG emissions – including those generated from electricity and gas use – by 90% by 2050, and its scope 3 GHG emissions – including those generated from purchased goods and services, waste management, and business travel – by 90% in the same time period.
Its near-term targets will see The Royal Mint reduce absolute scope 1 and 2 GHG emissions by 42% by 2030 and its absolute scope 3 GHG emissions by 25%. These targets are set against a baseline year aligned with the 2021-2022 financial year.
In achieving net zero, and in-line with SBTi criteria, The Royal Mint commits to prioritising the direct reduction in its Scope 1, 2 and 3 GHG emissions.
By establishing ambitious long-term net zero goals – with a target to limit global warming to 1.5°C – The Royal Mint has also joined the Business Ambition for 1.5°C campaign. Developed in partnership with the Race to Zero and supported by SBTi, this is an urgent call to action from a global coalition of UN agencies, business and industry leaders.
Anne Jessopp, CEO of The Royal Mint, said:“The Royal Mint is Britain’s oldest company, but we are entirely focussed on a future that is sustainable. Our unwavering commitment to sustainability and the transformative steps we’re taking are critical in helping us achieve our vision of becoming leaders in sustainable precious metals; marking a significant step toward a greener and more responsible industry.
“The Royal Mint is making strides in its diversification strategy, fortifying our position as industry leaders and ensuring continued growth – now and for the next 1,100 years.”
The Royal Mint is already taking action to decarbonise its on-site energy use, and earlier this year announced the launch of its local energy centre (LEC). Including a new solar farm and wind turbine, combined heat and power plant, and battery storage facility, the LEC helps power The Royal Mint’s 38-acre manufacturing site in Llantrisant with renewable and lower carbon electricity. With the aim of generating 70% of the power used on-site, the LEC is a significant step for The Royal Mint in decarbonising its own operations.
Looking towards emissions in its supply chain, The Royal Mint has also announced it will open a Precious Metals Recovery Plant, using world-first chemistry from Canadian clean-tech company Excir to recover gold from electronic waste. The plant will provide a new source of high quality, recycled gold for The Royal Mint and is one of several initiatives underway to help reduce its reliance on mined materials.
As part of its commitment to working more sustainably, including becoming net zero, other plans for the UK’s coin maker include investment in new packaging innovations, deployment of an enhanced responsible sourcing strategy, and using cloud services within its technology area.
