Nature Positive Role of the Mining and Metals Sector

Input and output indicators and examples TABLE 6 Indicator type Example Input and process indicatorsResources and activities that are deployed by a business in service of a certain priority action, for example: –Investment in water management systems –Number of knowledge products/research projects conducted by a company Output and outcome indicatorsTangible results stemming from undertaking a priority action, for example: –Commitment to no conversion of natural ecosystems –Percentage of reusable, recyclable or compostable plastic packaging –Percentage of raw material certified by commodity-specific certifications in the supply chain (that are identified as critical suppliers based on materiality assessment and volume) 4.3 Map the transition on to business functions Mapping the nature-positive transition on to distinct company functions requires a holistic approach to ensure that every division synchronizes its strategies with nature-positive aspirations. Mapping strategies and actions by business function TABLE 7 Business function Potential strategies and actions required for a nature-positive transition Sustainability Develop the nature-positive transition plan for the business (together with the strategy function). Obtain a holistic understanding of impacts and dependencies of the firm’s operations and products. Collaborate with other functions to drive the wider transition of the business. Drive nature conservation and restoration initiatives (such as wetlands for wastewater purification). Promote collective sector-wide positive action, such as sustainable raw material sourcing or collaboration on bio-based or recyclable material research. Monitor sustainable sourcing practices and raw material certification. Support and enable collaborations with NGOs as well as industry initiatives. Strategy and corporate developmentDevelop the nature-positive transition plan for the company (together with the sustainability function). Conduct horizon scanning and comprehensive market research for new opportunities related to the nature-positive transition (e.g. markets, products, processes, technologies). Evaluate the risks and returns associated with more disruptive opportunities (e.g. circularity approaches, new products) and identify business cases in new nature-positive economies. Drive necessary organizational changes to align business operations with the requirements of the new nature- positive economy (e.g. establish cross-functional teams to address both climate and nature challenges internally and across your supply chain). Nature Positive: Role of the Mining and Metals Sector 50Differentiating between input and output indicators There are a number of dimensions to indicators and metrics. They should be both qualitative and quantitative. They should also measure inputs and processes and – importantly – outputs and outcomes (see Table 6). Companies should define a set of indicators and metrics according to the mitigation hierarchy (avoid, reduce, restore, compensate) to assess their activities and the impacts achieved.306 For the mining and metals sector, TNFD’s metals and mining sector guidance307 can help business leaders identify indicators and metrics as they start to develop their approaches for monitoring and measuring priority actions.