De Beers Group provided an update on progress toward its 2030 Building Forever- sustainability goals. The goals were set in 2020 and are De Beers’ blueprint for creating a positive and sustainable impact in its host countries and throughout the diamond value chain. They span four pillars: leading ethical practices, partnering for thriving communities, protecting the natural world, and accelerating equal opportunity.
During 2022, De Beers saw advances across all four Building Forever pillars and all 12 goals, which included reductions in water use and energy intensity, innovations in diamond tracing technology, increased representation of women in senior leadership and progress toward its climate commitments.
A notable milestone was setting emission reduction targets across Scopes 1, 2 and 3, which have been validated by the Science Based Targets initiative (SBTi). De Beers’ near-term SBTi-validated targets are to reduce absolute Scope 1 and Scope 2 emissions 42 per cent by 2030 and to reduce absolute Scope 3 emissions 25 per cent within the same timeframe.
In setting the targets across all three scopes, De Beers is extending its climate ambition over and above its existing commitment to be carbon neutral across Scope 1 and 2 emissions by 2030. The SBTi-validated targets represent the reductions required by the organisation to align with the goals of the Paris Agreement on climate change.
However, under its existing carbon neutral commitment and with the implementation of its ‘Reduce and Replace’ strategy, De Beers expects to exceed its SBTi-validated targets for reducing Scope 1 and 2 emissions by 2030.
De Beers also accelerated the pace of innovation and investment in its blockchain provenance platform, Tracr. The platform was deployed at scale in 2022 and enables participants to provide assurance of a diamond’s source as it travels through the value chain. More than half of De Beers’ global production by value is now being registered on Tracr, which was recently named by Forbes as one of the world’s 50 leading blockchains for the third time.
Al Cook, CEO, De Beers Group, said: “De Beers has a simple belief that informs everything we do: the diamonds we discover belong to the communities and countries in which they are found. We are inspired by the beauty and rarity of natural diamonds and the natural world, and we know how precious diamonds are – not only for the people who wear them, but for all those they touch along the way.
“Building Forever is about taking a long-term view. We work hand-in-hand with the communities in which we live and work to shape a better future. Our actions range from addressing the climate crisis to growing prosperity wherever we operate.
And by using our proprietary technologies, we can now connect our customers to the origin, impact and stories of their diamonds. Building Forever will continue to guide every decision De Beers makes and touch every diamond we discover.” Further the DeBeers has made public their full report.
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