The Royal Mint achieves validation of its net zero goals by the Science Based Target initiative
- The Royal Mint has been officially validated for its science-based net zero targets by the Science Based Targets initiative (SBTi), the global body enabling businesses to set ambitious reductions targets in line with the latest climate science.
- It has committed to reaching net zero greenhouse gas (GHG) emissions by 2050, with more near term targets for 2030.
- Sustainability underpins the transformation of Britain’s oldest business and it’s the first sovereign mint to achieve validation for its net zero ambitions.
2 January 2024
As part of its commitment to sustainability, The Royal Mint has announced its science-based net zero targets have been officially validated by the Science Based Targets initiative (SBTi).
SBTi is the global body enabling businesses to set ambitious greenhouse gas (GHG) emissions reduction targets in line with the latest climate science, to prevent the worst effects of climate change.
Britain’s oldest company is transforming for the future and has committed to reaching net zero GHG emissions by 2050 across its own operations and within its supply chain, with more near term targets set for 2030.
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.”
Inga Doak, Head of Sustainability at The Royal Mint, said: “We’re proud to be the first sovereign mint, and one of the first within our industry, to have decarbonization targets validated by the Science Based Target initiative. 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.”
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.
For further information on The Royal Mint’s sustainability journey, including specific decarbonisation activities, as well as other environment, social, and governance (ESG) related initiatives, please visit https://www.royalmint.com/sustainability