Teck Resources continues to show leadership with an ambitious climate strategy and biodiversity targets.
Engagement objective: Learn about Teck’s new sustainability plans and support their industry-leading initiatives.
Teck Resources continues to set the pace for the materials sector and beyond when it comes to sustainability concerns such as climate change and biodiversity. We met with director-level employees in September to discuss the company’s progress since our meeting with board members late last year.
It is rare at this point to see a company with a scope 3 emissions target included in net-zero commitments, yet Teck introduced one in February. (Scope 3 emissions are indirect emissions produced throughout a company’s value chain.) They also shortened their time frame to be net zero on scope 2 emissions (indirect emissions from purchased electricity) to 2025. To achieve these ambitions, Teck established a new role of VP Decarbonization to lead a team of cross-functional operations experts that reports to the President and Chief Operating Officer. And, the company’s deal with Caterpillar for the deployment of 30 zero-emission large haul trucks beginning in 2027 represents the kind of action required to meet their ambitions.
More recently, Teck announced its intention to become a “nature positive” company by 2030. Their target is to conserve or rehabilitate at least three hectares of land for every one affected by their mining activities. In addition to millions of dollars in investments and donations for land conservation in Canada and Chile, Teck is fostering partnerships with Indigenous peoples, an approach to environmental stewardship NEI has long supported.
Perhaps the most important indicator of Teck’s commitment is the acknowledgement of sustainability concerns throughout the company. It’s in all their language and embedded in their capital allocation framework.
Next steps: We will continue to encourage Teck to seek assurance for its mine sites against the IRMA standards, the Initiative for Responsible Mining Assurance. It is a robust, globally recognized standard that we believe offers many benefits to miners and their stakeholders.
*Shares of Teck Resources were held as of the publication date of this article; holdings are subject to change without notice.