Leadership Insights:
Mining’s Responsibility for a Just Transition

“Newmont is a company that listens and genuinely tries to incorporate what we are hearing, from both stakeholders and the larger community, into what we do.”

Peter Toth
Executive Vice President and Chief Strategy and Sustainability Officer

Peter Toth, Executive Vice President and Chief Strategy and Sustainability Officer, discusses the ‘Just Transition’ movement, how it is being implemented in the mining industry and the challenges and opportunities it presents.

What is ‘Just Transition’ and how is Newmont addressing it?

We all understand and agree that climate change has an enormous impact on the world. We need to deliver an energy transition that is capable of creating a net-zero carbon economy. A ‘just transition’ considers the impact of this transition on people and communities. So, how do we make sure that the transition that delivers the net-zero carbon economy is fair, equitable and inclusive? As an individual and as head of strategy and sustainability at Newmont, I strongly believe that any solution which does not deliver on all three is not sustainable over the long term. And I think Newmont is a company that listens and genuinely tries to incorporate what we are hearing, from both stakeholders and the larger community, into what we do. Building on that, we’ve also got a culture of going out and engaging and looking for solutions.

How has the conversation about ‘Just Transition’ evolved within the industry?

The industry is approaching the transition in phases and asking essential questions such as what energy transition looks like and how do we get there. The first phase for the industry was getting our heads around what is our carbon footprint. And measuring carbon emissions and carbon intensity. The second phase was setting our targets and asking ourselves where do we want to be by 2030 and how do we get to net zero by 2050. The third phase, which we’re currently entering, is taking action. Answering those earlier questions by implementing strategies and turning them into specific actions around particular projects. This is where the rubber hits the road in terms of ‘just transition.’ As we implement those projects, how do we make sure that we consider the impact on all stakeholders?

How does the concept of ‘Just Transition’ apply to the workforce?

Our workforce absolutely demands that Newmont have a plan, that we have a plan for where we want to be in 2030 and how we are going to deliver on that. It’s not enough to have an ambition and a goal to get to net zero by 2050, we must have a clear, credible plan for getting there, one that considers the impact on people. We also need to determine how — or if — we develop required technology ourselves, and also, how we partner with other technology providers and then bring those solutions inside the Company and deploy them. Every individual, every community and every company has a role to play in this.