Gold Refinery Pledges to Cut Carbon Emissions from Supply Chain

SEATTLE (Scrap Monster): MKS PAMP- the leading provider of financial and physical trading services and operator of state-of-the-art precious metals refinery announced that it has decided to stop sourcing metal from mines that fail to meet stipulated carbon emissions standards.

In a statement issued yesterday, the gold refiner announced that it aims to curb carbon emissions from its supply chain by 27.5% before 2030. Accordingly, it has decided to reject gold from mines that emit high levels of carbon dioxide.

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As per studies, bulk of the carbon footprint of gold industry is produced during the metals extraction phase. The miners around the globe were responsible for emission of nearly a ton of carbon dioxide per ounce mined in 2019. The gold mining industry accounts for around 0.2% of the world’s total emissions, as per recent report published by Wood Mackenzie.

Announcing the decision, Marwan Shakarchi, CEO, MKS PAMP noted that it is the first precious metals refinery in the world to adhere to targets set by the Science-Based Targets Initiative. The company has made a conscious decision, despite being aware that it may lead to making less money.

The Swiss precious metals refiner reiterated its commitment to keep illicit gold out of its supply chain.