Last week, YellowYellow attended CIM 2023 in Montreal. This year’s theme was “Building Trust to Decarbonize the World”, and we were glad to see this integrated throughout the keynote panels, general program, and EXPO. Here are three key takeaways of the keynote plenary – Decarbonization via Technology and Collaboration:
- Embracing Innovation: Innovation is key to achieving our decarbonization goals, but it requires accepting failures as part of the process. Management teams need to foster a culture of innovation by implementing KPIs and leadership incentives that reward failure in the pursuit of innovation for decarbonization. Calculated risk-taking needs to be rewarded in the same manner as financial results. This means rewarding managers and leaders for partnering with technology-driven startups developing innovative solutions addressing decarbonization challenges.
- Holistic Carbon Reduction: Reducing carbon emissions to eventually reach net-zero across the entire value chain is a serious task. As mining industry professionals, we are already aware of the crucial role mining will continue to play in the decarbonization movement. While technology is important, it alone won’t drive us to net-zero. We need to quantify with data and revamp practices along the value chain rather than relying on technology alone to reduce emissions. It is imperative to challenge the existing design principles of the mining supply chain, reevaluate our emission and waste production methods, and introduce sustainable changes.
- Embracing Change: The road to decarbonization may have more failures than successes, but we cannot afford to wait for perfect solutions. Immediate industry change must happen now. Companies must shift their focus from being fast adopters of winning strategies to leaders in innovation. Collaboration within the industry becomes paramount, where organizations openly share both triumphs and failures, enabling the sector as a whole to expedite the implementation of effective strategies. Incentives and carefully crafted KPIs will play a vital role in fostering internal collaboration, driving us closer to our decarbonization goals, not just within mining, but throughout the entire value chain.
If you are a mining industry professional and want to learn more about your organization’s role in the net-zero transition, YellowYellow can help get you started. Reach out to Lisa Ellis or Alex Foty if you’d like to hear more about how YellowYellow can work with you on your decarbonization roadmap. Let’s connect to discuss ways to achieve your net-zero goals and reduce the mining industry’s carbon footprint across the value chain!
