Climate Change
Climate Change
At NOVAGOLD, sustainability is a fundamental pillar of our long-term success. We are actively defining our objectives for energy efficiency and greenhouse gas (GHG) emissions reduction, with the ultimate goal of achieving Net Zero Carbon Emissions by 2050. To reach this ambition, we prioritize collaboration with subsidiaries and partners, ensuring collective progress rather than setting isolated internal targets.
In 2024, NOVAGOLD hosted workshops focused on climate- and nature-related risk management, dedicating time and expertise to these critical considerations. We integrate these discussions into our corporate risk register, aligning with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and Taskforce on Nature-related Financial Disclosures (TNFD). Our approach not only addresses climate impacts but also emphasizes biodiversity conservation and responsible land reclamation. We assess risks in our direct operations and upstream processes, while factoring in market considerations for Donlin Gold, which remains in the pre-production phase.
By taking proactive steps toward climate responsibility, NOVAGOLD is building a more sustainable future—one that benefits both our stakeholders and the environment.
Climate-related risks, as outlined by the TCFD and TNFD, fall into three key categories:
- Transition Risks – These encompass both challenges and opportunities associated with the global shift toward a low-carbon economy. Factors such as market dynamics, technological advancements, evolving policies and regulations, and reputational considerations all play a role in shaping these risks.
- Physical Risks – The tangible effects of climate change are classified into two types:
- Acute risks, which involve high-impact, short-term events like storms and wildfires.
- Chronic risks, which develop gradually over time, including rising sea levels and shifting weather patterns.
- Systemic Risks – These stem from disruptions to entire systems, such as ecosystems or financial markets, leading to broader economic and environmental consequences.
Various climate scenarios highlight the potential significance of transition and physical risks. These risks and scenarios are detailed in the 2024 Sustainability Report Data Sheet.