235 – MINEM planning instruments: national energy planning should incorporate the threescenario framework from Section 4, with the Balanced Hybrid as the reference strategy and defined review triggers. – Peru’s NDC commitments: the hybrid strategy is compatible with Peru’s nationally determined contributions, but the government should explicitly address gas’s role to ensure that gas dependence is actively managed. – Sustainable finance taxonomy: Peru’s green taxonomy development should provide explicit criteria for gas-inclusive transition strategies, with a focus on infrastructure that enables transition and infrastructure that perpetuates dependence. 6.4 The Role of Mining Companies This paper has been written largely about mining rather than with it. Major operators in Peru — among them Antamina, Cerro Verde, Las Bambas, and Southern Copper — are not passive recipients of the energy system they operate within. They are among its largest consumers, and their procurement decisions, PPA structures, and investment choices shape the economics of energy infrastructure. Several of these companies have already disclosed energy transition strategies, signed renewable PPAs, and set emissions reduction targets. Their experience — what has worked operationally, what has not, and where the real constraints lie — should be central to any evidence base for the recommendations in this paper. Mining companies should understand their demand scale as a structural asset in the transition. As anchor consumers, large operations can underpin the economics of gas and renewable infrastructure investments that would otherwise fail a bankability test. This catalytic role requires proactive engagement with infrastructure developers, regulators, and financing institutions to translate consumption certainty into investable projects. In practice, however, this engagement has been limited. Several major Peruvian operators have disclosed renewable PPA commitments and Scope 2 reduction targets — steps that are positive in isolation — but the broader infrastructure implications of accelerated renewable penetration, including system balancing costs, firming requirements, and transmission constraints, have received comparatively little attention in company-level transition strategies. Future versions of this analysis should incorporate company-level case studies to assess the gap between stated strategies and operational investment commitments. 7. Conclusions: A Pragmatic Strategy with Defined Conditions The global energy transition is redefining both energy systems and industrial value chains, placing mining at the center of a dual challenge: expanding production of the minerals that decarbonization requires, while reducing the emissions of the operations that produce them. For Peru, this challenge is also an opportunity — one that its domestic resource endowment positions it to navigate more effectively than most comparable jurisdictions.
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