The World Gold Council and its members recognise that climate change imposes very substantial risks to the global economy and socio-economic development. Policy makers, industry stakeholders, asset owners, investors and wider society, are now eager for a greater understanding of these risks and their potential consequences, and how these might be mitigated or managed in future.

To contribute to a clearer, more consistent appreciation of how climate-related risks (and opportunities) might impact the future prospects of the gold industry, we have undertaken new research, building on our initial work of 2018. We believe this new analysis offers a comprehensive overview of the current status of gold’s climate impacts and how the sector might adapt in the face of climate change in order to transition to a net zero carbon future. We have also examined how gold’s role as an investment asset might be affected by climate-related physical and transition risks in comparison to the other mainstream investments.

Potential emissions reduction and transition pathways for gold