Wheaton Precious Metals has joined a growing list of businesses aiming to achieve net zero carbon emissions by 2050.

Its commitment includes the establishment of targets across both Scope 2 and 3 emissions, which will be done “immediately” in collaboration with third-party partnership organisations to ensure they align with the Paris climate goals.

The company also intends to engage with its mining partners to encourage them to set emissions targets, in addition to a fund being established to support their efforts to move to renewable energy sources and reduce emissions at the mines in which Wheaton has an interest.

It has made a $4 million (£2.9m) initial commitment, representing 1% of its average net income of the previous four years.

Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals said: “Today’s announcement reinforces Wheaton’s long-standing commitment to industry-leading ESG practices and to being an agent of change. These initiatives are not only critical to how we manage our business risk, but they are also the right thing to do.

“Along with our partners, we strongly believe that promoting responsible mining practices and developing clear roadmaps to reach net zero is more important than ever. Aligning our strategy and approach with the most recent climate science will allow us to continue our mandate of delivering long term sustainable value to all our stakeholders through our streaming business model.”