Operating for 15 years in Kazakhstan, with Central Asia now our strategic hub, we acknowledge our role in the sustainable development of the region. Collaborating with our team, partners, suppliers and local communities, we vigorously strive to combat climate change and foster long-term prosperity for us all.
The products derived from mining are essential to the development and well-being of humanity. However, recognising that mining activities can result in adverse consequences for the climate and simultaneously may suffer from extreme climate events, the Group regards the mitigation of such consequences and adaptation to avoid catastrophic outcomes as essential in the fight against climate change.
Solidcore continues to adhere to its commitments combat climate change and targets of reducing its direct and energy-related emissions, and gradually adapts its Climate Action Plan to the new circumstances and changes in Group structure.
In its Climate Strategy, Solidcore gives an unconditional priority to real decarbonisation projects and states that offsetting is reserved only for hard-to-abate or residual emissions. We disclose data on climate performance and progress towards climate and environmental goals in our
We are also adapting a plan for a phased transition to disclosures in accordance with IFRS S1 and S2.
In Kazakhstan, Solidcore operates in three different regions, Kostanay, Abay and Pavlodar, where our new development project
Our GHG emissions, whether Scopes 1, 2 or 3, are not currently subject to national carbon taxes or quotas. But, given that Kazakhstan aims to become carbon neutral by 2060 and adopted its decarbonisation strategy in 2023, the emerging mechanisms for national carbon adjustment are key significant transitional risks. The first taxes and mandatory quotas for the most carbon-intensive industries may be introduced in Kazakhstan as early as
Our main tools for mitigating climate risk are transparency in our climate disclosure, assessing and managing physical risks, as well as adherence to carbon targets and reducing our impact on the environment. By reducing our emissions and introducing a Climate Action Plan, we mitigate our impact and enhance our resilience to these risks.
Looking ahead, climate change remains a source of risk but also opportunity. The energy transition and development of renewable energy sources bring decarbonisation potential, as well as opening up prospects for non-ferrous metals markets (namely in technology sectors). We are, therefore, continually expanding the resource base of our operating projects, along with considering new projects for the development of copper deposits. Our copper reserves and resources in Kazakhstan are concentrated in
For more information on our climate risk mitigation and adaptation strategy, please see our
Our Climate Action Plan is structured around the following core objectives:
This strategic framework supports the achievement of our medium-term decarbonisation goals, including 45% reduction in absolute GHG emissions by 2030 (Scope 1 and 2, 2023 baseline) and increasing the share of renewable energy to 30% of total consumption.
To implement this comprehensive transition, we have allocated approximately $78 million, primarily directed towards the development of our own low-carbon energy infrastructure. This investment reinforces our commitment to climate action, ensuring long-term energy security, operational resilience and cost efficiency.
To align capital with the company’s strategy and strong ESG performance, and source our Climate Action Plan, the Group has been actively using the sustainability-linked financial instruments such as green loans and ESG-linked loans to fund its green projects, including renewable energy projects, mobile fleet modernization, waste and water management.
Being a pioneer of green sustainable financing and one of the first in the global mining industry to secure an ESG-linked loan in 2018, Solidcore has several successful cases of raising targeted and general purpose loans with climate and sustainability covenants from major international banks and development institutions.
2017 — Our flagship project Kyzyl receives funds from EBRD ($200m)
2018 — First Sustainability-linked loan signed with ING ($80m)
2019 — First KPI-linked loan signed with SG ($75m)
2020 — First Green Loan in line with the LMA Green Loan Principles ($125m)
2021 — Climate transition loans signed with Raiffeisenbank ($ 200m) and UniCredit ($ 200m)
Solidcore currently has one loan that includes sustainability requirements.
Our flagship project
EBRD and Wardell-Armstrong (WAI) completed a detailed review of the social and environmental issues linked to Kyzyl gold project, and based on this review, a formal Environmental and Social Impact Assessment (ESIA) has been produced for meeting environmental and social requirements of the EBRD, which is considering the opportunity to finance the project.
The ESIA is a comprehensive analysis of any risks and opportunities linked to all key areas of the Kyzyl project, including its environmental, socio-economic and cultural effects.
Solidcore has also agreed with the EBRD on the Environmental and Social Action Plan (ESAP), which includes a series of actions that Solidcore will implement in order to avoid, reduce, control, or otherwise mitigate potential environmental, occupational health and safety and social impacts during Kyzyl construction and operation.
Solidcore provides the EBRD with detailed annual reports on the progress of the Environmental and Social Action Plan implementation at Kyzyl and the project’s compliance with EBRD requirements. For more information, please see the project portfolio on the
The products derived from mining are essential to the development and well-being of humanity. However, recognising that mining activities can result in adverse consequences for the climate and simultaneously may suffer from extreme climate events, the Group regards the mitigation of such consequences and adaptation to avoid catastrophic outcomes as essential in the fight against climate change.
For more information on our Climate Strategy and Action Plan, please see the Climate Change And Green Transition section on our website and our recent