Metrics and Standards
Metrics and standards are of growing importance to customers and investors, as they seek assurances on the provenance of responsible minerals and metals.
But the proliferation of standards and metrics undermines – and in some cases work counter to – these aims, so our work in this area is focussed on reaching alignment on a smaller number of metrics and standards across all aspects of responsible mining. We will work actively with other standard owners and users of this information to prompt a ‘race to the top’ of a small number of the highest quality standards and metrics.
Issue at a Glance
- Stakeholders from all spheres are demading greater transparency from mining and metals companies. This has resulted in a proliferation of responsible mining standards, with companies often required to report against multiple frameworks, creating a complex landscape for not just companies but also regulators, customers and other stakeholders.
- Arriving at a consolidated standard which retains the best of ICMM’s Mining Principles to better demonstrate industry performance to stakeholders, while reducing the reporting and audit burden on companies is a goal to which ICMM is wholeheartedly committed.
- The consolidation of standards is a challenging process, and we are collaborating with other standard owners to develop equivalency assessments that allow stakeholders to see where requirements are comparable or differ. This is a steppingstone towards greater convergence – leading to improved ESG performance and reduced audit burden.
- We are encouraged by the establishment of the International Sustainability Standards Board and its collaboration agreement with the Global Reporting Initiative (GRI). As ICMM members are committed to reporting against GRI, we will provide constructive input to both organisations as they set up new sustainability reporting frameworks.
Towards a Single Global Standard for Responsible Mining
ICMM sees enormous value in convergence around a single global standard for responsible mining as it would:
- Drive up ESG standards across the sector.
- Reduce the audit burden for our members.
- Simplify the landscape for stakeholders including customers and investors.
We are actively collaborating with other standard owners to seek alignment, starting with the publication of equivalency benchmarks. Ultimately, these are a stepping-stone towards the pursuit of a single global standard for responsible mining.
Supporting Responsible Sourcing
It is more important than ever that consumers have a clear view of where raw materials have been sourced, and how. Demand for the things that we make, use and throw away is exceeding the Earth’s capacity to provide, and this is only like to continue. ICMM is working with stakeholders including OECD, the Responsible Minerals Initiative and downstream purchasers of metals to better support responsible sourcing through our participation in working groups, workshops, and consultations. This work is vital for ensuring that the production of vital metals and minerals is not having a negative impact on people or the planet.