The Royal Mint’s net-zero target validated by the Science Based Targets initiative

The UK’s official coinmaker aims to achieve net-zero greenhouse gas (GHG) emissions by 2050 across its operations and supply chain, with interim goals set for 2030.

It plans to reduce its Scope 1 and 2 GHG emissions (including electricity and gas use) by 90% by 2050 and Scope 3 emissions (from purchased goods and services, waste management and business travel) by 90% in the same period.

The short-term targets involve reducing absolute Scope 1 and 2 GHG emissions by 42% by 2030 and absolute Scope 3 emissions by 25%, using the 2021-2022 financial year as a baseline.

The Royal Mint’s chief executive Anne Jessopp 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.”

Strides to sustainability

In addition to prioritising direct reductions in its Scope 1, 2 and 3 GHG emissions in line with SBTi criteria, The Royal Mint has joined the Business Ambition for 1.5C campaign, backed by the Race to Zero and supported by SBTi and a coalition of global leaders and UN agencies.

The Royal Mint is already working to decarbonise its onsite energy use. Its recently launched Local Energy Centre (LEC) includes a solar farm, wind turbine, combined heat and power plant, and battery storage facility, aiming to power 70% of its 38-acre manufacturing site in Llantrisant with renewable and lower carbon electricity.

In addressing emissions in its supply chain, the company will open a Precious Metals Recovery Plant using innovative chemistry from Canadian clean-tech company Excir to recover gold from electronic waste. This initiative aims to provide a sustainable source of recycled gold and reduce reliance on mined materials.

The Royal Mint’s head of sustainability Inga Doak said: “We’re proud to be the first sovereign mint, and one of the first within our industry, to have decarbonisation targets validated by the SBTi.

“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.”