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Polyus discusses future of carbon transition at CGI Russia panel following COP26

11 November 2021
Polyus discusses future of carbon transition at CGI Russia panel following COP26

On November 11, 2021, CGI Russia, part of the World Economic Forum’s global Climate Governance Initiative, held an online panel on the future of the carbon transition in partnership with Polyus.

The news from Glasgow has been dominating the business agenda around the world for two weeks as COP26 is drawing to a close. Concrete decisions that will largely determine future practical steps for all stakeholders are yet to be made.

Polyus Director for Business Communications and Investor Relations Victor Drozdov was joined by Senior Executives and Independent Directors from Norilsk Nickel, Rusal, Severstal as well as the ICMM, of which Polyus is the only Russian member company.

Participants discussed whether Russian companies’ climate targets aligned with global targets, what COP26 meant for Russian business as part of the global economy and how boards could turn the challenges of energy transition into opportunities.

Rohitesh Dhawan, ICMM President and CEO, who has just returned from Glasgow and has been attending COP since 2009, had a few thoughts to share. He relayed that the roles have shifted with business now taking centre stage at the event.

"Governments can only do so much and companies have to do the actual work. Simply meeting a regulation is no longer sufficient to build trust and relationships with the stakeholders",

he said, advising that the only thing worse than setting no target is setting one and not doing anything about it.

"Targets need clear plans",

he noted.

Victor Drozdov shared Polyus’ experience with shifting to 100% renewable energy earlier this year, adding that the company was planning to see a drastic decrease in year-on-year emissions as a result of it. Victor also noted that currently less than 10% of total energy consumption in the metals and mining sector is coming from renewable energy sources globally, but that the situation is finally changing with renewable energy becoming increasingly more available.

The presentations given by Rohitesh Dhawan and key industry players made it clear that the mining sector is committed to leading the way to lowering emissions.

In October, ICMM’s 28 members, including Polyus, committed to achieving a goal of net zero Scope 1 and 2 greenhouse gas (GHG) emissions by 2050 or sooner in line with the ambitions of the Paris Agreement. With the statement appearing right before COP, mining sector players led by example, showing initiative and willingness to take strong action against climate change.