Biodiversity > Responsible mining commission backed by $11 trillion of investors

Responsible mining commission backed by $11 trillion of investors

Published 13:09 on November 24, 2023  /  Last updated at 13:09 on November 24, 2023  / Thomas Cox /  Biodiversity, International

The Global Investor Commission on Mining has been backed by 82 investors with over $11 trillion in assets collectively under management, with the aim of making the sector more socially and environmentally responsible by 2030.

The Global Investor Commission on Mining has been backed by 82 investors with over $11 trillion in assets collectively under management, with the aim of making the sector more socially and environmentally responsible by 2030.

Some of the world’s largest investors have supported the initiative, including Legal & General Investment Management, the California State Teachers Retirement System, and APG Asset Management.

The Mining 2030 Commission aims to operate within planetary boundaries while positively contributing to social development by 2030. Biodiversity is one of 10 key focus areas listed on the initiative’s website.

A call for evidence to support a study seeking to understand the challenges for the market for energy transition minerals was also launched by the initiative this week. Submissions close on Dec. 20.

United Nations Environment Programme (UNEP) advises the Mining 2030 Commission, which is also backed by the Principles for Responsible Investment. Stakeholders include mining company Newmont.

The commission’s approach is based on the process carried out in Brazil after the 2019 Brumadinho disaster, where a tailings dam at an iron ore mine collapsed, killing 270 people and leaving 11 more permanently missing.

Angelica Amanda Andrade, member of the community of Brumadinho, is one of a group of commissioners advising the initiative.

“Hailing from Brumadinho and having personally experienced the devastating impacts of a tailings failure, I understand the critical need for robust, transparent, and effective communication in mining operations,” Andrade said in a statement.

“This commission represents an important step in ensuring that the voices of all stakeholders, especially those directly affected by mining activities, are heard and valued.”

The objectives of the commission include consolidating the understanding of investors around:

  • Changing mineral demand, including accounting for the contribution of recycling, substitution and efficiency;
  • The impact associated with meeting the demand for minerals and metals;
  • What good practice looks like.

George Cheveley, portfolio manager at South Africa-headquartered asset manager Ninety One, said his organisation “believes that only by engaging with the mining industry on multiple levels will we ensure that these minerals can be accessed while taking into account the many different stakeholders”.

“Mining has never been an easy industry. However, if the energy transition is going to be successful, a significant increase in the supply of sustainably mined minerals is required,” Cheveley said.

Mining 2030 Commission’s commissioners includes representatives from:

  • Church of England Pensions Board
  • Brumadinho community
  • Royal London Asset Management
  • The Archbishop of Cape Town
  • DeBeers Group South Africa
  • Worley
  • European Bank for Reconstruction and Development
  • Natural Resource Governance Institute
  • Levin Sources
  • Indigenous Peoples Advisory Forum
  • London Metals Exchange
  • IndustriAll Global Union
  • London Stock Exchange Group
  • EITI
  • Global Tailings Management Institute
  • Institute for Human Rights and Business
  • OECD
  • ArcelorMittal
  • Inter-American Development Bank
  • Newmont
  • ING
  • White and Case Legal firm
  • Aecom

The commission also has a steering committee and a secretariat.

By Thomas Cox – t.cox@carbon-pulse.com

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