230 Source: Libélula (2024), based on Peru’s national energy balance data. Note: This study was commissioned by the Camisea Consortium. The underlying energy balance data are drawn from official Peruvian government statistics; readers should be aware of the commissioning context when interpreting the counterfactual scenarios. Table 11 — Avoided Local Pollutant Emissions: Scenario with and without Natural Gas (2005–2030) Pollutant With Gas (Mt) Without Gas (Mt) Avoided (Mt) Reduction (%) NOₓ (2005–2030) 0.94 2.50 1.57 62.8% SO₂ (2005–2030) 0.11 1.34 1.24 92.0% PM 2.5 (2005– 2030) 0.03 0.14 0.11 76.4% Source: Libélula (2024). Note: This study was commissioned by the Camisea Consortium; the underlying emissions data derive from official Peruvian government statistics. The reductions in NOₓ, SO₂, and particulate matter are particularly significant for underground mining operations, where air quality directly affects worker health and safety. They also reduce environmental impact in surrounding communities — a factor directly relevant to maintaining the social license to operate that Peruvian mining projects require. Peru’s history of miningcommunity conflict, which has delayed or terminated multiple major projects, makes this connection more than incidental. Energy transition strategies that incorporate measurable air quality improvements into community engagement are more likely to achieve the social acceptance that determines project longevity. 5.3 Green Finance, ESG Alignment, and the Credibility Threshold Access to capital is increasingly linked to measurable and verifiable emissions performance. Instruments such as green bonds, sustainability-linked loans, and ESG-focused equity are governed by frameworks — including the GHG Protocol, TCFD recommendations, and Science Based Targets initiative (SBTi) methodology — that set specific requirements for credible decarbonization pathways. The gas-enabled transition strategy described in this paper is broadly compatible with current Scope 1 and Scope 2 reduction frameworks, provided three conditions are met: MRV systems are rigorous and audit-ready; natural gas is accompanied by credible methane management protocols; and the transition plan includes a clear trajectory beyond gas toward lower-emission alternatives, without compromising reliability and competitiveness.
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