World's largest producer of low-carbon aluminium warns LME sustainability plans represent a lost opportunity and will not support the crucial decarbonisation of the metals sector
LONDON, Dec. 18, 2020 /PRNewswire/ -- En+ Group, the world's leading producer of low carbon aluminium and largest private sector generator of hydropower, notes the response published this week by the London Metal Exchange (LME) to industry feedback on its sustainability discussion paper, which En+ believes do not address the industry's concerns.
En+ believes the LME's announced plans represent a lost opportunity to drive industry-wide meaningful change as the world looks to 'build back better' from the impact of the global COVID-19 pandemic in 2021.
Lord Barker of Battle, Executive Chairman of En+ Group, said:
"We warmly welcome this long overdue first step by the LME into the low carbon age but it doesn't go far enough. London should lead global Green commerce and trading; timid actions don't cut it. So, we will be looking for further steps to make voluntary carbon disclosure mandatory for the LMEpassport and to create a new derivative contract for Low Carbon Aluminium."
In its formal response to the LME's consultation paper issued in September, En+ set out three core recommendations and called on the exchange to take a more active role in guiding the aluminium market towards a low-carbon future. En+ believes the following measures are critical to incentivising the decarbonisation of the aluminium industry, which is currently responsible for 2% of global carbon emissions, and where there is a huge disparity between the emissions from the production of low-carbon aluminium (produced with renewable energy) and aluminium produced with coal-fired plants.
En+ remains resolute in its mission to lead the aluminium industry into the low-carbon economy and looks forward to further engagement with the LME on this area.
About EN+ Group
En+ Group is the world's leading international vertically integrated aluminium and power producer. The Company combines power plants with a total installed capacity of 19.6 GW (including 15.1 GW of hydro power assets), and 3.9 mt of annual aluminium production capacity (through a controlling stake in RUSAL, the world's largest aluminium producer ex-China in 2018) which is the major consumer of En+ Group's hydroelectricity.
