“Gold gets dug out of the ground in Africa or someplace, then we melt it, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” – Warren Buffet
At a time when the fight against climate change requires immediate action, the mining industry continues to emit between four and seven percent of global greenhouse gasses (GHG). In fact, scientists estimate that the industrial activity needed to mine just one ounce of gold causes the emission of up to 800 kilograms of GHG.
At the 2021 Glasgow climate summit, eighty-one countries committed to reducing carbon emissions by 45% and reaching net-zero targets by 2050. The global mining industry, which is responsible for 4% to 7% of GHG emissions, is racing to adapt to this new reality. However, it doesn’t seem likely that they will end their emissions because the industry must also scale up production of the clean-energy metals (such as lithium, cobalt, and nickel) needed to manufacture batteries.
Organizations such as C40 Cities, Climate Alliance, Nature’s Vault, etc. have taken huge initiatives to help reduce the emission of GHGs and to rectify the damage done to the environment, however, individuals must also come forward to voice their opinions against the mining of gold.
Gold has no functionality. The reality is that 50% of mined gold ultimately ends up collecting dust in a bank’s vault. To end the mining of gold, we should look for better and more eco-friendly alternatives that can serve as both: a store of value and an ornament.
Unpopular opinion, yes, but that’s how I see things!