黄金与气候变化：当前及未来的影 响报告（英文）

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1、ContentsExecutivesummary01ForewordbyDrBenCaldecott02Introduction04Climatechangenow04Risksandopportunities05Betterunderstanding061:Gold’scarbonfootprint07Goldmineproduction–Scope1and2emissions07Refiningandrecycledgoldemissions08Upstream(goldproduction)anddownstream(goldproducts)Scope3emi

2、ssions09Findings102:Netzerocarbontransitionpathwaysforthegoldsupplychain13Implicationsforthegoldindustry14Stepstowardsanetzerocarbongoldsupplychainby205015Implementingapracticalandcost-effectivenetzerocarbonstrategyforgoldproduction22Goldindustryprogress233:Goldasaninvestmentandclimate-

3、relatedrisks27Investorandregulatorypressure27Climate-relatedrisksandportfolioperformance29Assetsensitivitytoclimate-relatedrisksandscenarios29Gold–implicationsandexplanations32Conclusions35ExecutivesummaryThisresearchbuildsonourinitialworkin2018ongold’sgreenhousegas(GHGs)emissionsprofil

4、eandclimatechangeimpacts.Wehavenowdeepenedandextendedouranalysis,withafocusonthepotentialdecarbonisationofthegoldsupplychainandclimate-relatedinvestmentimpacts.Thisreport,producedwithtechnicalsupportfromindependentsustainabilityconsultancy,Anthesis,documentsourfindingsonthefollowing:Key

5、findings•Thisanalysis,usingmoregranulardatacoveringthewholesupplychain,hasproducedmoreaccurateestimatesofgold’sgreenhousegas(GHG)intensityandcarbonfootprint,whilebroadlyvalidatingour2018work.•Gold’sdownstreamuses–goldinbullion,jewellery,andelectronicproducts–havelittlematerialimpactonei

6、thergold’soverallcarbonfootprintorGHGemissions.•ThecurrentprimarysourceofGHGemissionsinthegoldsupplychain–energyandfueluseingoldmineproduction–cantransitiontowardsanetzeropathwayinapracticalandcost-effectivemanner.•Gold’srisk-returnprofileislikelytoberelativelyrobustinthecontextofclimat

7、e-relatedphysicalandtransitionrisks,particularlyincomparisontothevulnerabilityofmanyothermainstreamassets.•Heightenedmarketvolatilityanduncertaintyfromclimate-relatedrisksarelikelytobesupportiveoffurtherinvestmentdemandforgold,asgold’srolesasariskhedge,portfoliodiversifierandma