Lundin Mining’s (TSX: LUN) shareholders will vote May 7 on a proposal urging the miner to disclose a full emissions reduction strategy, as investor pressure builds for Canadian companies to match peers on climate action.
The proposal, filed by SHARE after engagement with the company, calls on Lundin to outline how it will address all material greenhouse gas emissions, including those across its value chain, known as Scope 3. According to the organization, Lundin is now the only company among Canadian mining peers engaged this proxy season without a plan to track and manage such emissions, after Barrick (TSX: ABX) (NYSE: B), Kinross (TSX: K)(NYSE: KGC), Hudbay (TSX, NYSE: HBM), B2Gold (TSX: BTO, NYSE-A: BTG) and First Quantum (TSX: FM) made commitments.
“Canadian mining companies are committed to make progress on addressing supply chain emissions, and investors expect this momentum to continue,” Amanda Carr, associate director of climate advocacy at SHARE, said. “The proposal at Lundin Mining reflects a desire to see the company keep pace with peers and remain competitive as climate considerations increasingly shape investment decisions and market access of minerals for the energy transition.”
Scope 3 emissions typically account for about 75% of a mining company’s total greenhouse gas output and can reach as much as 95% depending on commodity mix, making them a growing focus for investors assessing long-term risk and positioning.
SHARE, which represents investors with about $148 billion in assets under management, says it has engaged six Canadian miners this proxy season, with most already committing to disclose or develop supply chain emissions strategies, underscoring rising expectations tied to Canada’s climate competitiveness agenda.
