Russian gold miner Polyus claims it now uses 100% renewable energy

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Russian gold miner Polyus has acquired I-REC green certificates to offset emissions from the remaining share of its energy consumption that is not yet met by renewable sources. The company claims that this, combined with the large-scale hydropower contracts signed earlier this year, Polyus now covers 100% of its electricity demand with renewable energy.

The certificates acquired by the group for Q1 2021 represent a total of 303.5 GWh produced from renewable energy sources.

Polyus says that it now expects the amount of I-REC certificates purchased to begin declining in the second quarter of 2021 following the recent agreement for the supply of environmentally friendly hydropower its Krasnoyarsk Business Unit.

Read more: Russian gold giant Polyus pivots to hydropower

Polyus CEO, Pavel Grachev, said: “Polyus has now become the first major gold mining company globally to cover all of its electricity needs with renewable energy sources." 

"We hope that both Russian and international peers will be encouraged to follow our lead in supporting the advancement of renewables, which is in all of our interests,” he added.

I-REC certificates represent documented records of certain amounts of energy produced from renewable sources. Certificates can be issued by energy producers and purchased by third-party legal entities. I-REC certificates are a standardised and globally recognised mechanism to compensate for emissions and support the advancement of renewable energy.

Read more: Russia's Polyus claims gold mine in Siberia as world's largest

Polyus says it intends to continue to purchase I-REC certificates to fully offset the energy consumed from non-renewable sources. In this way, the group aim to cover 100% of the electricity it consumes via direct green energy supply and the purchase of I-REC certificates.

Acquiring green certificates represents one of the mechanisms for Polyus to implement its long-term transition to renewable energy, as part of its decarbonisation pathway. The Company said in a press release that it is currently developing its climate strategy which will comprise of a set of measures related to renewable energy.

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