In Short : The Royal Mint’s net-zero target has been officially validated by the Science Based Targets initiative. This recognition affirms that the Mint’s emissions reduction goals align with scientifically grounded targets, demonstrating its commitment to mitigating climate change through sustainable practices.
In Detail : The Royal Mint has confirmed that its near and long-term science-based net-zero targets have been validated by the Science Based Targets initiative (SBTi).
The UK’s official coinmaker aims to achieve net-zero greenhouse gas (GHG) emissions by 2050 across its operations and supply chain, with interim goals set for 2030.
It plans to reduce its Scope 1 and 2 GHG emissions (including electricity and gas use) by 90% by 2050 and Scope 3 emissions (from purchased goods and services, waste management and business travel) by 90% in the same period.
The short-term targets involve reducing absolute Scope 1 and 2 GHG emissions by 42% by 2030 and absolute Scope 3 emissions by 25%, using the 2021-2022 financial year as a baseline.
The Royal Mint’s chief executive Anne Jessopp 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.”
Strides to sustainability
In addition to prioritising direct reductions in its Scope 1, 2 and 3 GHG emissions in line with SBTi criteria, The Royal Mint has joined the Business Ambition for 1.5C campaign, backed by the Race to Zero and supported by SBTi and a coalition of global leaders and UN agencies.
The Royal Mint is already working to decarbonise its onsite energy use. Its recently launched Local Energy Centre (LEC) includes a solar farm, wind turbine, combined heat and power plant, and battery storage facility, aiming to power 70% of its 38-acre manufacturing site in Llantrisant with renewable and lower carbon electricity.
In addressing emissions in its supply chain, the company will open a Precious Metals Recovery Plant using innovative chemistry from Canadian clean-tech company Excir to recover gold from electronic waste. This initiative aims to provide a sustainable source of recycled gold and reduce reliance on mined materials.
The Royal Mint’s head of sustainability Inga Doak said: “We’re proud to be the first sovereign mint, and one of the first within our industry, to have decarbonisation targets validated by the SBTi.
“We’re committed to achieving science-based net-zero by 2050, with near-term goals for 2030, and are taking action to make this happen.”