Net Zero Commitment

Evolution supports the Paris Agreement and in FY21 announced a commitment to be Net Zero by 2050 (Scope 1 and 2 emissions only) and an interim target of reducing our emissions by 30% by 2030 (against a FY20 baseline).

Read more on our Net Zero commitment, targets, Net Zero decarbonisation approach and actions.

Our Approach

Climate change presents an emerging and increasing risk with the potential to impact our operations, supply chains, stakeholders and the communities within which we operate. Climate-related risks have the potential to impact the wellbeing of local communities and are an
increasingly important issue for all stakeholders including investors seeking to understand the impact of climate change across their portfolios.

Evolution’s Sustainability journey including the management of climate risk has been integrated into our strategy since inception. It was formalised prior to FY19 with the development of a Resource Efficiency and Emissions Reduction Sustainability Performance Standard. Since then, we have released our Climate Risk Position Statement, identified climate risks with material impacts to the business in alignment with TCFD, released our Net Zero Commitment, and embedded emissions reduction planning and strategy within the business.
Through the FY23 Net Zero Future Balanced Business Plan (BBP) Project, we further embedded Net Zero awareness and outcomes within the business, through project milestones such as the Mungari decarbonisation roadmap, Renewable Sourcing Strategy, a Climate Risk
Position Statement review and the TNFD (V0.4) gap analysis.
Our Management Approach aligns with the TCFD Framework and has incorporated a review of TNFD.


We integrate climate change considerations and our response into the overall business strategy throughout strong governance and risk management though the entire mine lifecycle, from due diligence to closure. As outlined in our Governance Framework above, and
the Climate Risk Governance Structure, responding to climate change and climate risk is governed at the Board level through the Risk and Sustainability Committee and the VP Sustainability has primary responsibility. Robust engagement with various stakeholders including
investors, policymakers, industry associations, peer companies, non-government organisations and communities, informs our climate risk strategy and operational objectives. The next figure draws from our Governance Framework and Integrated Risk Management Framework and illustrates our governance structure for managing climate risk.

Our governance structure enables ongoing opportunity identification and improvement reflecting the transitional risks associated with emissions, which includes managing a dynamic reporting environment. This is aligned with the Paris Agreement framework (and associated Greenhouse Gas (GHG) Protocols.

Climate-related risks are actively reported and supported by targets, including Net Zero, established to reduce emissions, improve water security via responsible water management practices, and prepare for extreme weather and health events. The Board is regularly informed,
including via the Risk and Sustainability Committee on progress against our climate risk targets at least three times a year. In FY23, the Board again endorsed Climate Change as a Material Business Risk.


We recognise the crucial role of the mining sector (particularly the metalliferous and critical minerals sector) in developing strategies to contribute towards a low-carbon economy. Our strategy is aligned with our Climate Risk Position Statement. We have developed a strategic approach to actively manage the environmental and social impact, and conserve natural resources and socioeconomic systems, for climate risk management. Our approach acknowledges that climate change poses social, environmental, asset, technology, infrastructure, financial, legal, and reputational risks and impacts on our business, operations, and communities through:

  • Physical climate-related parameters, including water
    security impacts and supply chain impacts
  • Transitional risk with changing legislation
  • Regulatory and social pressures from host countries
  • The Paris Agreement and alignment to science-based
    climate targets
  • Community vulnerability in countries of operation
  • Technical capability and skillsets

Evolution’s short to medium-term decarbonisation roadmap is focused on optimising operational efficiency and the energy value chain, and shifting to renewable energy supply using a partnership model wherein we are grid connected. This is supported with a shift to
biofuels and fleet electrification, linked with the transition to these sources throughout the industry, likely around 2030 onwards. The longer-term focus includes the shift to storage and ways to replace diesel, and nature-based solutions. Four major sources of emissions present
opportunities for decarbonisation: power supply, mobile equipment, stationary combustion and process emissions. To decarbonise these emission sources and ultimately achieve the goal of Net Zero emissions, activities to deliver cost-competitive reductions have been prioritised.

Concurrent with the development, execution, and validation of site decarbonisation roadmaps, energy and emissions reduction work is being conducted at each operation to reduce consumption and wasted energy, and improvements are being shared across the business.
Options for renewable energy projects, operation-level eciencies, power purchase agreements (PPAs), and emerging technologies are assessed on an ongoing basis to determine the current and future viability of options. We continue to collaborate with partners as well as our supply and value chain partners to identify emissions reduction opportunities, including membership with the
Electric Mine Consortium and Sustainability Advantage. Our long-term strategy is detailed in our Net Zero Commitment.

Risk Management

Risk management (including physical and transition climate-related risks) is embedded by Management into our day-to-day operational business processes, and we are committed to enhancing our understanding of our upstream and downstream business activities and
stakeholders. Business risks associated with climate change impacts (including regulatory risks, physical climate parameter changes and others) have been identified as material risks to the business through risk workshops and stakeholder engagement at the Board and operational level. All material risks and actions, including those related to climate change, are documented and kept current for management and reporting. The potential likelihood, severity, and materiality of these and transitional risks and opportunities to operations and communities are proactively assessed and forecasted at minimum annually. Our Climate Risk Management Process is detailed in the
following figure.

Our risk assessment process is focused on site-specific exposures, such as wildfires, cyclones, floods, excessive rainfall, and landslides at a more regional level. Various risk management measures have been implemented, including conducting regular climate risk and vulnerability assessments that are reviewed and updated at a minimum annually, integrating climate-related risks into strategic risk management plans and processes. Climate risks are managed through a risk management framework and in alignment with the Sustainability and Strategic Planning Policy and TCFD. In alignment with the TCFD Framework’s Strategy and Risk Management pillars,
we consider short, medium, and long-term risks as noted below:

The physical climate-related risks and mitigation identified as material and most likely to impact the business in the mid to long-term as per our Climate Risk Position Statement, are presented in the following table. We recognise that these physical risks can have variable impacts on our value chain segments, including Management, Community, Inbound Supply, Operations, Distribution, Marketing & Sales. We actively manage these risks and impacts across the value chain.

Climate-related risk Risk and Impact Mitigation
  • Reduced water availability with the potential for water security implications to the business plan
  • Weather pattern management and planning
  • Reduce raw water demand to reduce reliance on external water sources and pressure on sources that support communities and agriculture
  • Year-on-year increase in reuse of mine affected, hypersaline and low-quality water water in preference to fresh water through various strategies including design, construction and operation of process plant
    and tailings facilities
  • Reduce total water demand through mine design and
    process improvements
  • Investigate water saving and recycling technologies
    such as optimised processing
Extreme weather events
  • Material damage to the receiving environment, assets and infrastructure; disruptions to operations and supply chains
  • Weather pattern management and planning
  • Real time dust, weather and stability monitoring including open cut and underground mine and tailings
  • Mitigation barriers to protect sensitive receptors
  • Innovative dust suppression e.g., engineered tailings
    cover pre-snow fall at Red Lake
  • Engineered design, construction and operation of all
    significant infrastructure including buildings and plant
  • Trigger Action Response Plans for incoming threat of
    cyclone/fire/flood/dust/storm etc
Energy and emissions
  • Footprint/demand creep
  • Developing energy regulation, market demand for sustainably produced commodities and supplier surety
  • Setting measures and targets, e.g. quantifying
    Scope 1, 2, and 3 carbon emissions, and our Net Zero
  • Annual energy audits
  • Emissions reduction planning, including the transition
    to renewables
  • Partnering with industry for accelerated energy
    efficiency and emissions evaluation
  • Modelling, assessment, and evaluation of emissions
    and internal carbon pricing in Projects, Financial and
    Commercial departments
  • Technology and innovation pathways
  • Renewable Sourcing Strategy and Cowal PPA
  • Supply chain partnerships including for biodiesel
Extreme health events
  • Food, water and viral borne illness which could be confined to site, the community or global
  • Health and wellbeing programs and practices
  • Fatigue management and onsite medical care
  • Food and water standards and process
  • Pandemic response plans including protection of
    communities, First Nation Partners and Indigenous
  • Specialist planning, support and advice

Risk Management: Climate Risks and Opportunities

We actively manage risks and opportunities to improve efficiencies and mitigate impacts and risks across our business. Our operations are located in a range of regional climatic zones with varying vulnerabilities to both acute and chronic physical risks, including extreme weather events, disasters, resource shortages, changes in the patterns and intensity of rainfall and storms, water shortages, and changing temperatures. These risks and opportunities are compounded by transitional risks and impacts of uncertain policy, economic and market conditions.

Risk Description
Physical - Chronic

Water security:

  • If extreme climatic events worsen with increased water stress, heavy rains, floods, droughts, sea level rises, as predicted by the climate models, further proactive management and mitigation measures may be required to ensure that operations do not experience business interruption and loss of production
  • Water-related infrastructure such as water supply reservoirs, dam spillways and river levees have been designed for historic rainfall patterns
Transition - Policy

Climate change legislation, including carbon pricing:

  •  In response to climate change, governments will seek to reduce emissions from industry through the implementation of new legislation including carbon pricing mechanisms, such as emissions trading schemes or a carbon tax
  • This change presents a risk as there may be a period when increased carbon costs cannot be passed through to customers

Climate-related risks and opportunities have been integrated across the business. As they are regularly assessed and managed, they have informed the reporting requirements and targets outlined in:

  • Site Emergency Response Plans inclusive of Trigger Action Response Plans at all operations
  • Pre-wet season planning at all operations Regular monitoring of water level depths, including during extreme weather conditions, and the dissemination of extreme weather preparation training at Mt Rawdon and Ernest Henry are examples of Evolution’s resilience
    methods to managing extreme weather events (or extreme climate-related natural hazards).

Each operation coordinates regular emergency scenario drills in preparation for extreme weather events. Examples of the scenario drills include inrush, fire, flood, cyclone and significant hazardous spill response. pportunities associated with emerging low-carbon and energy- and fuel-efficient technologies are being tracked and assessed by operations and integrated into the business strategies, including fuel-switching, negotiation of contracts to increase the use of renewable and lowercarbon energy sources, and improving energy efficiency. Climate-related opportunities to support local communities have also been identified. In FY23, we continued to assist neighbours, local government, emergency services and local communities including during flood, drought and wildfire events.

The inclusion of Sustainability factors within the remuneration strategy (referenced in the Remuneration section of the 2023 Annual Report) reinforces the importance we place on delivering on our Sustainability commitments and strengthens the link between management remuneration and the management of climate related risks.

Metrics and Targets

Energy and Emissions (Material Topic) & Our Net Zero Commitment

Our approach to managing energy and emissions centres around managing our impacts on climate change through our Net Zero Commitment. In FY21, we committed to reducing our carbon emissions by 30% by 2030 and to be Net Zero by 2050 in line with the Paris Agreement and scenarios therein. This commitment recognises that climate change is one of the most pressing global issues and that we must take serious action to ensure we have a future business, a clean and productive environment, and a healthy and just society.

Our Net Zero Commitment is based on baseline data derived from an aggregate of all Evolution operations’ emissions in FY20. In FY23, the Mungari baseline was externally validated in alignment with the GHG Protocol and in FY23 there have been no adjustments to the Evolution aggregate FY20 baseline. Based on guidance from the GHG Protocol, we will update the baseline if there is a significant structural change in the business or methodology change. Internally we have set this threshold at a +/- 10% change to our Scope 1 and 2 baseline year emissions. This methodology has been further embedded into our internal procedures, planning and modelling processes in FY23.

In line with our aim to reduce energy consumption while enhancing operational productivity, our key levers and actions on our pathway to Net Zero by 2050 include:

  • Transition to 100% renewables and low-emission sources, with a medium-term target of >30% renewables by 2030
    • Consideration of wind, solar, biofuel and green hydrogen sources
    • Assessment and exploration of new storage technologies, including carbon capture and storage
    • Development and strengthening of value chain partnerships, including capacity building, and working with industry partners to advance carbon-reduction technologies in mining
    • Construction of large-scale storage and renewable contribution to the grid through investment in the Mt Rawdon Pumped Hydro project
    • Introducing energy efficiency opportunities into the value chain focussed on venting, crushing and haulage
  • Investment in low-emissions technologies focused on electrification of fleet and equipment
    • Transition to electric fleet (battery electric vehicles (BEV) & fuel cell electric vehicles (FCEV)) or gaseous based fleet, including consideration of electrified underground operations
    • Partnership with industry to investigate biofuel and green hydrogen options in addition to BEV
    • Continued assessment and implementation of energy efficiency opportunities and disruptive technologies, in line with Mine-of-the-future design (e.g. software monitoring of grinding efficiency, adoptions of alternate/green reagents in processing)
  • Biodiversity investment and management
    • Exploring and investing in innovative, verified and assured biodiversity management opportunities, including biodiversity offset creation and management, linked to TNFD

Operations are proactively engaged in achieving the medium-term and long-term emissions targets through understanding their carbon footprint, developing industry partnerships and investigating technology pathways. Our approach at the Group and Operational level to Net Zero is built upon key pillars of:

  • Emissions and data forecasting with a split by value chain emissions
  • TCFD Alignment and Climate Scenario Analysis, and consideration of emerging disclosures and frameworks such as the TNFD
  • Emissions reduction pathways aligned with sciencebased strategies
  • Operational emissions optimisation through portfolio optimisation, decarbonisation projects and NPV assessments
  • Enhancing understanding of current and future value chain emissions, and building relationships accordingly
  • Project development and deployment through financing, capital allocation, and operational structures that embed emissions considerations
  • Internal reporting to support employee engagement, and external reporting in alignment with ESG frameworks and Industry Association partnerships
  • External assessment and review of disclosures and management to deliver best practice

Case Study

Competitive long term renewable energy contract implemented for Cowal

Case Study

Electric Vehicles – safe, efficient and electric drills and partnership with Epiroc

Water Management

Energy and Emissions Management

Tailings Management

Air Quality Management

Land Use and Biodiversity


Rehabilitation and Closure Management

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