News on Sustainability in Mining

 

Transformation of the Mining Industry via standards like GRI and TNFD

 

In today's fast-paced world, the mining industry is at a crucial juncture. With the global spotlight on sustainability, mining companies are feeling the pressure to innovate and adapt. The real question is no longer if but how swiftly and effectively sustainability can be woven into every layer of operations.

Sustainable mining is the blueprint for the future. The recent launch of the Global Reporting Initiative (GRI) implementation guidance and the sector-specific disclosure frameworks by the Taskforce on Nature-related Financial Disclosures (TNFD) are significant milestones for the mining industry and essential elements for complying with the European Unions Critical Raw Materials Act CRMA.

 

 

 

 

DMT believes that these developments underscore the growing importance of robust sustainability practices. The applications of these standards and frameworks will have a number of positive effects, including:

 

  1. Enhanced Credibility: Demonstrating a commitment to sustainable practices can improve a company's reputation and stakeholder trust.
  2. Regulatory Compliance: Staying ahead of regulatory requirements and industry expectations can mitigate risks and ensure smoother operations.
  3. Operational Efficiency: Implementing sustainability measures can lead to more efficient resource use and cost savings in the long run

 

As a mining professional, now is the time to act. Embrace these new standards and frameworks to not only comply with evolving regulations but to lead your business towards a more sustainable and responsible future. At DMT, we specialize in providing sustainability consulting services tailored to the mining industry. Let us help you navigate these changes and turn sustainability into a competitive advantage.

 

Contact us today to learn more about how we can support your journey towards sustainable mining practices.

 

How the New GRI and TNFD Standards Can Transform Your Mining Business

 

Both the GRI and TNFD frameworks promote greater transparency and accountability in the mining sector. TNFD's focus on nature-related financial disclosures complements the Critical Raw Materials Acts CRMA's emphasis on securing a sustainable supply chain, helping companies ensure a stable supply of raw materials and aligning with EU regulations. Integrating the principles of GRI and TNFD into strategic planning aligns mining companies with the CRMA's goals of reducing dependency and promoting sustainability, enhancing operational efficiency, reducing risks, and improving stakeholder trust.

GRI 14: Mining Sector 2024 Standard

 

The Global Reporting Initiative GRI has released its implementation guidance for the GRI 14: Mining Sector 2024 standard, which provides comprehensive recommendations and examples for identifying significant topics and disclosing information in reports. The guidance is designed to optimise reporting for companies of all sizes, types, or geographies, enhancing transparency and accountability in the mining sector.

 

 

 

 

Key highlights of the GRI 14 standard include:

 

  1. Improved reporting: The guidance helps companies to produce consistent and comparable reports, promoting more transparent and responsible mining practices.
  2. Multilingual accessibility: The standard is now available in multiple languages, including French, Japanese, and Indonesian, with seven more translations in the pipeline, making it accessible to a broader audience.
  3. Holistic approach: Addressing the dual nature of the mining sector, the standard balances the provision of essential minerals and metals with the need to mitigate environmental, community, and workforce impacts.

 

For more information, also visit our ESG advisory page: ESG advisory | DMT GROUP (dmt-group.com)

Further information at Global Reporting Initiative News GRI - More support available to deepen accountability in the mining sector (globalreporting.org)

 

TNFD's Sector-Specific Guidance

 

The Taskforce on Nature-related Financial Disclosures TNFD has released new guidelines aimed at improving disclosure practices across various sectors, including mining. This initiative is part of a broader effort to integrate nature-related financial information into corporate reporting.

 

 

 

 

Key aspects of the TNFD guidance include:

 

  1. Comprehensive Sector Coverage: The guidance encompasses eight sectors, providing recommended
    metrics for disclosure aligned with TNFD's 2023 recommendations.
  2. Widespread Adoption: A diverse range of companies, from Volvo and Ricoh to China Mengniu Dairy Ltd and Acciona,
    have committed to adopting TNFD's recommendations in their 2024/2025 financial reports.
  3. Timely Implementation: Reports based on TNFD's recommendations are already appearing, demonstrating the rapid
    uptake and commitment to enhancing transparency.

 

Visit Green and sustainable finance | DMT GROUP (dmt-group.com) for DMT´s consulting services on green and sustainable financing in mining.

Learn more about TNFD Sector Guidance: TNFD adoption now over 400 organisations and new sector guidance released

 

 

 

Contact

Daria Goncharova
Global Sustainability Lead
T: +49 201 172 1274
T: +49 160 888 6734
daria.goncharova(at)dmt-group.LÖSCHEN.com

 

Daria Goncharova on ESG in mining (video)