Nature Positive Role of the Mining and Metals Sector

Within the sector, business action on nature is gathering momentum, with several major industry associations establishing targets and guidance for members in support of the nature-positive transition. The ICMM, which represents one-third of the world’s mining industry,62 launched its Nature: Position Statement at the Forum’s Annual Meeting in Davos in 202463 that requires its members to contribute to a nature-positive future in line with the Global Biodiversity Framework’s 2030 targets. They must also conform with collective position statements on climate and water, including committing to reach net zero (Scope 1 and 2 emissions) by 2050, address Scope 3 emissions64 and adopt a catchment-level, context-based approach to manage and use water responsibly.65 The Mining Association of Canada (MAC) has established the Towards Sustainable Mining (TSM) standard, which provides tools and indicators to support companies with environmental and social action on the ground, including a Biodiversity Conservation Management Protocol developed in 2009.66 It also covers related areas, such as responsible tailings management and climate change (aligned with the Task Force on Climate- Related Financial Disclosures). Participation is mandatory for all members’ Canadian operations, and the standard has since been adopted across the world, including by the Minerals Council of Australia (MCA).67 ICMM, MAC, The Copper Mark and the World Gold Council are also working towards consolidating their individual voluntary responsible mining and metals standards into a single global responsible mining standard and multistakeholder oversight system.68 Alongside industry association nature commitments, individual companies such as Teck Resources69 and Anglo American70 have gone further than ICMM’s required No Net Loss (NNL) target by completion of closure,71 by committing to deliver Net Positive Impact (NPI) on biodiversity across all operating sites. Over 10 mining and metals companies have also joined TNFD’s Adopters cohort, including Anglo American, Cerrejón, Endeavour Mining, Freeport- McMoRan, Hindalco, Hindustan Zinc, Newmont, Rio Branco, Teck Resources, Vale and Vedanta.72 While recognizing these efforts, more needs to be done. CDP analysis indicates that of the 38 mining and coal extractive companies reporting to them, 31 have made public commitments related to biodiversity. However, only 12 have committed to NNL, and 5 have committed to NPI. Also, only 4 have made commitments at a more granular level for selected mines, business units or geographies.73 Alongside setting targets, companies need to pair strategic planning with accelerated on-the- ground implementation and increased regulatory accountability and enforcement. To help tackle the pressing challenges faced by the industry, the World Economic Forum’s Securing Minerals for the Energy Transition initiative unites industry leaders along the minerals value chain with international organizations and governments to overcome the challenges to secure minerals for the energy transition. The Forum and UpLink will also run a series of Accelerating Innovation for Sustainable Mining challenges from 2024 to 2026, in partnership with Prospect Innovation, to support the identification and scale-up of new ventures by connecting high-potential start-ups with interested investors, end users, governments and ecosystem partners.741.2 Progress is promising but needs to accelerate CDP analysis indicates that 31 mining and coal extractive companies have made public commitments related to biodiversity. However, only 12 have committed to NNL and 5 have committed to NPI. Nature Positive: Role of the Mining and Metals Sector 17