The company is aiming to become the world’s first lithium producer with net zero greenhouse gas emissions. Pic via Getty Images.
Vulcan launches sustainability and ESG framework for Zero Carbon Lithium Project
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Vulcan Energy Resources has launched a sustainability framework which outlines ESG initiatives, targets and risks for its Zero Carbon Lithium Project in Germany.
The company’s aim is to decarbonise lithium production through developing the world’s first Zero Carbon Lithium business, with co-production of renewable geothermal energy on a mass scale.
Vulcan (ASX:VUL) MD Dr. Francis Wedin says the company’s raison d’être is to be a leader in sustainability.
“We are excited to release our sustainability framework which will help us deliver on our strategy: to be global leaders in the production of carbon neutral, fossil-free lithium whilst being nature positive,” he says.
“We have made great headway to embed our sustainability and ESG framework by defining ESG roles, responsibilities, and accountability, as well as setting KPIs and reporting on our key risks and approach.
“This will continue to evolve in line with our growth strategy and will be further reported in our 2022 Sustainability Report.”
ESG KPIs for the executive team
The company is targeting 35% female employment and a gender balanced board, as well as leveraging the skillsets of significant numbers of ex-Oil & Gas industry experts employed towards decarbonisation – with ESG linked KPIs for the executive team.
The plan is to achieve ~20ktCO2 annual avoidance through renewable electricity production from existing operations, and ~3.6MtCO2 to be avoided for LiOH material allocated to current offtakers.
The company has already signed a renewable heat offtake agreement signed with MVV to supply 25,000 – 35,000 households from 2025, plus is carbon neutral certificated (Australia) and has been a UN Global Compact Member since 2022.
100% renewable energy
The Vulcan Zero Carbon Lithium Project has a resource which could satisfy Europe’s needs for the electric vehicle transition, from a source with net zero greenhouse gas emissions, for many years to come.
Going forwards, the company will verify all organisations are carbon neutral across Vulcan Group every year, will ensure 100% renewable energy is used to power demonstration and commercial plants, and will also extend its geothermal capacity with additional plants.
It will also partner with local biodiversity projects to further enhance local climate efforts through nature positive approach – and has allocated a budget for biodiversity project support.
Vulcan will also report to TNFD as an industry-first adopter alongside TCFD: nature-focused reporting to be incorporated alongside climate reporting as well as implementing a ‘Girls in Science’ scholarship program.
This article was developed in collaboration with Vulcan Energy Resources Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
