Mining Standards: Investors, UN Join Forces with ICMM

on

Stockholm (NordSIP) – The International Council on Mining & Metals (ICMM), the United Nations Environment Programme (UNEP) and the Principles for Responsible Investment (PRI), will join forces to convene an independent review to establish an international standard on tailings storage facilities, according to a joint press release.

This joint initiative is being convened as a reaction to the recent tragedy in Vale’s mining operations in Brumadinho earlier in the year. The review will take stock of the evidence and lessons from earlier mine tailings dam failures and hopes to be concluded by the end of the year.

- Promotion -

The new standard to become an ICMM company member commitment. The hope is that co-convening partners will encourage others to join in advocating for it to be accepted more broadly, who may find Vale’s experience a motivation. In the aftermath of the accident, the stock of the Brazilian mining giant lost 24% of its value (from US$ 14.68 to US$ 13.02), of which only about half had been recovered by the end of the first quarter (US$ 13). At its latest count, the disaster had caused the death of 206 people while another 102 people were still considered missing.

The Church of England Pensions Board and the Swedish Council on Ethics on behalf of the Swedish national pension funds have agreed represent the PRI. John Howchin,Secretary-General of the Council on Ethics Swedish National Pension Funds, and Adam Matthews, Co-Chair of Transition Pathway Initiative (TPI), Director of Ethics & Engagement at the Church of England Pensions Board will represent both investors.

As a next step the co-convenors will jointly appoint an independent chair and a multi-stakeholder advisory panel. There will be a further update once the chair has been appointed.

Image by Alex Banner from Pixabay

 

Partner message

COVID-19 has led to a new appreciation of the importance of healthcare in ensuring all members of society thrive. So where should investors be looking to find resilience in an industry facing enormous change?

Continue to read

NordSIP Insights

Most read this week

Sony Kapoor to Advise Worthwhile Capital Partners

Stockholm (NordSIP) - Worthwhile Capital Partners, a Nordic sustainable investment placement agent, announced the expansion of its sales force and expertise to extend its business...