At a time when the world is obsessed with creating a green, eco-friendly future for the next generation, the gold industry's association with sustainable goals can take a few by surprise. But there are claims, reports even, that the gold industry could be heading towards a greener, more sustainable approach to mining.
So, how exactly is the gold industry going green? What are their plans to achieve such goals? Many investors often disregard gold as a sustainable investment. However, times are changing. Let us take a brief look at how much of a prospect gold has to be green.
Gold Industry Going Green: Is it Real?
Almost a decade ago, an article published by The National Geographic, detailed the prospects of the modern gold industry achieving sustainability. Back then, experts claimed the means of achieving such a goal would be a highly extensive and energy-intensive process. The reason behind this is that the mining and refining process itself requires a massive amount of water, toxic chemicals, and energy output to mine and refine.
However, there is a much more efficient way to curb environmental costs. A new concept known as urban mining ensures recycling precious metals like gold from used or discarded electronic products. This method can help boost the gold industry’s bid to go green, as it reduces environmental damage. At the same time, urban mining leads to our consumption patterns being more sustainable when it concerns the environment.
Also, through the implementation of modern technology, a set of standard sustainable principles & practices, a green goal for the gold industry is possible. According to news published by the UNDP, mining companies have to ensure mineral extraction with environmental responsibility in mind. This means less wastage of produce, safer processing, and incorporation of new and sustainable technologies.
Gold Industry Going Green Can Benefit Environmentally Cautious Investors
This new shift towards SDGs for the gold industry presents a wonderful opportunity for investors who are cautious about the environment. As previously mentioned, investors can capitalize on the proven concept of urban mining. Recycling gold metals from discarded electronic products helps investors by eliminating traditional transportation and reducing environmental damage caused by extracting minerals including gold.
Furthermore, it can be surprising to learn that in some ways, gold bullion is already considered green. After it has been shaped into bars, it is stocked or held in storage, meaning no carbon footprints.
Conclusion
A challenging journey lies ahead for the gold industry. With the Covid-19 virus still mutating and affecting global economies, the gold industry itself is sure to see a few setbacks to its Sustainable Development Goals (SDG). Even if the gold industry begins to take on a greener approach it will still have some harsh critics.
By creating a better approach to mining, processing, using modern sustainable technologies, the gold industry can not only pave the way for economic growth but also create new forms of employment. So, is the gold industry going green? It is an evolving process and only time will tell if the gold industry will truely become green.
