De Beers Group provided an update on its progress towards achieving its 2030 ‘Building Forever’ sustainability goals in a recent sustainability report. These goals, established in 2020, serve as a blueprint for De Beers to create a lasting and sustainable impact in its host countries and throughout the diamond value chain. The goals are built upon four pillars: leading ethical practices, partnering for thriving communities, protecting the natural world, and accelerating equal opportunity.
Throughout 2022, De Beers made significant strides in all four pillars and achieved milestones in all 12 goals, which included reducing water usage and energy intensity, introducing innovative diamond tracing technology, increasing women’s representation in senior leadership positions, and advancing its climate commitments.
One noteworthy achievement was the establishment of emission reduction targets across Scopes 1, 2, and 3, which have been validated by the Science Based Targets initiative (SBTi). By 2030, De Beers aims to reduce absolute Scope 1 and Scope 2 emissions by 42% and absolute Scope 3 emissions by 25%. These targets exceed the organisation’s existing commitment to achieving carbon neutrality across Scope 1 and 2 emissions by 2030.
The Science Based Targets initiative confirms that De Beers’ emission reduction targets align with the goals set by the Paris Agreement on climate change. However, De Beers expects to surpass its SBTi-validated targets for Scope 1 and 2 emissions reduction by 2030, thanks to its existing carbon neutral commitment and the implementation of its Reduce and Replace strategy.
De Beers also accelerated its investment and innovation efforts in Tracr, its blockchain provenance platform. In 2022, the platform was extensively deployed, enabling participants to track the source of diamonds throughout the value chain. Over half of De Beers global rough diamond production by value is now registered on Tracr. Forbes has recognised Tracr as one of the worlds top 50 blockchains for the third time.
Al Cook, CEO, De Beers Group, said: “De Beers has a simple belief that informs everything we do: the diamonds we discover belong to the communities and countries in which they are found. We are inspired by the beauty and rarity of natural diamonds and the natural world, and we know how precious diamonds are – not only for the people who wear them, but for all those they touch along the way.
“Building Forever is about taking a long-term view. We work hand-in-hand with the communities in which we live and work to shape a better future. Our actions range from addressing the climate crisis to growing prosperity wherever we operate. And by using our proprietary technologies, we can now connect our customers to the origin, impact and stories of their diamonds. Building Forever will continue to guide every decision De Beers makes and touch every diamond we discover.”