Paladin is committed to the core principle of delivering value through sustainable development and aims to promote sustainable business practices by integrating climate-related risks and opportunities into our governance, strategy and risk management process.
We will provide safe, clean, affordable and reliable energy, thereby displacing more emissions intensive energy sources and helping drive the global energy transition to a carbon-free, sustainable future.
The provision of clean uranium energy supplied by Paladin to nuclear facilities to produce electricity is one of the most effective ways to meet the challenge of achieving the greenhouse gas reduction goals set by the Paris Agreement and Glasgow Climate Pact.
For more information, download our latest report on sustainability.
ESG Highlights FY2023
- 0 reportable environmental incidents
- 0 impact on archaeological or heritage sites
- Commenced preliminary modelling and benchmarking of the expected future carbon footprint of the Langer Heinrich Mine (LHM) based on the modified plant capacity and updated mine plan
- 100% compliance with laws, regulations, licence and permit conditions
- 100% approvals obtained and compliance with regulations for exploration fieldwork
- 100% compliance with monitoring and reporting requirements, including the LHM Environmental Clearance Certificate and LHM Environmental Management Plan, and minimising impacts on biodiversity
- Environmental and radiation sampling and monitoring continued at the LHM
- Environmental monitoring continued in Canada and Australia.
- 0 Lost Time Injuries and reportable safety incidents
- Over 1,500,000 Lost Time Injury Free project hours achieved1
- Implemented an ISO 45001:2018 compliant HSE management system for the LHM Restart Project
- 100% compliance with HSE Key Performance Indicators (KPIs) at the LHM, including:
- 0 breaches of regulations, licence or permit conditions
- 0 reportable industrial illness or injuries (Fatalities / LTI (Lost Time Injury))
- Compliance with the HSE Management Plans, assessed through monthly compliance reviews
- 100% compliance with the LHM Radiation Management Plan and the National Radiation Protection Authority of Namibia regulatory requirements
- 63% local spend in NAD2
- 82% local spend in Canada2
- Increased community engagement activities with key stakeholders including Ministerial, Regulatory bodies and other organisations and local community groups
- 43% of Paladin’s Board and 31% of employees are female
- 93% LHM local employees and contractors
1 1,500,000 Lost Time Injury Free project hours achieved in October 2023
2 Local spend consists of procurement of goods and services in local currency, excluding employee costs
- Sustainability Accounting Standards Board (SASB) framework implemented and reporting in place
- 100% applicable permits in place
- Risk Management framework, system and reporting in place
- LHM project management team operating with a combined owner’s team and EPCM contractor capability
- Fortnightly convening of the dedicated LHM Restart Project Steering Committee and application of the project management framework for the Restart Project
- Roadmap of ESG frameworks and material topics developed for Exploration
- Reviewing and updating the LHM systems, policies and procedures for operations
- Cyber security review completed with implementation of key initiatives to address gaps
- Reviewed systems, policies and procedures for the recommencement of Exploration activities
- Materiality and status assessments of the Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosures (TCFD) reporting frameworks. Developing a detailed implementation plan for roll-out of these frameworks in FY2024
- Compliance with the Ethical Procurement Policy at the LHM implemented by the EPCM service provider
- Commenced development of a framework for reporting and requirements under the Modern Slavery Act 2018 (Cth).
ESG Highlights FY2023
ESG Goals FY2024
During FY2023 Paladin has been in the pre-production and exploration phases, with a focus on the LHM Restart Project and the recommencement of fieldwork at the Michelin Project in Labrador, Canada. Paladin has committed to implement the following pre-production goals during this phase, and will continue to meet these targets, as appropriate, once in production and as exploration activity increases.
As Paladin commences production at the LHM during FY2024, additional ESG Goals will become relevant and applicable. The Restart Project at the LHM is well advanced, and Paladin commits to developing and implementing the following production goals once the Langer Heinrich Mine commences production.
2023 Sustainability Report
Paladin remains fully committed to a globally accredited Environmental, Social and Governance (ESG) framework that represents best practice, sets standards of organisational behaviour and holds us firmly accountable.
Uranium, Nuclear Power, and Decarbonisation
Global electricity demand is increasing, driven by rapid technology adoption, transportation electrification in advanced economies and rising standards of living in emerging economies. Increasing electricity demand, coupled with the targets set for reduced GHG emissions, is driving the demand for low-carbon electricity sources.
Lifecycle GHG emissions for different energy sources and technologies shows nuclear power to have an incredibly low GHG emissions intensity, comparable with renewable sources, such as wind, hydro and solar and up to 100 times lower than coal. Nuclear power is the most efficient, effective and reliable energy source, with availability up to three times that of wind and solar.
Nuclear power plants produce no greenhouse gas emissions during operation, and per unit of electricity, nuclear produces about the same amount of carbon dioxide equivalent emissions as wind, and one third of the emissions produced by solar.
Geopolitical events and increasingly urgent decarbonisation measures are amplifying pressures for change in global energy markets. The role of nuclear power in providing energy security and combatting global warming is becoming increasingly important.
World Nuclear Power Facts:
10% of global electricity generation
20% of United States electricity generation
2nd largest source of global clean energy with almost zero carbon emissions
436 reactors in operation in 31 countries
60 reactors under construction in 17 countries
Source: World Nuclear Association (WNA)