My statement just issued as a member of the United Nations Secretary General Advisory Panel on the vital issue of critical energy transition #minerals.
“As the Principles for Responsible Investment & finance representative on the Secretary General's Advisory Panel I welcome the Principles and Identified Actions that have just been published. It is clear we cannot have a global energy transition without mining. But the key question is whether the flow of minerals entering global supply chains will come from responsible extraction that operates to the highest best practice social and environmental performance standards? Will the projected growth in demand result in greater local benefit for mineral dependent countries? And will regulation and financial levers drive a model of responsible mining that ensures Indigenous Peoples, communities and countries will be able to look back in generations and recognise that the legacy of this extraction was a positive one? This for me was the challenge we approached."
“I especially welcome the inclusion of a finance principle speaking to the need for investments, finance and trade to be responsible and fair.This principle underlines the importance of long-term decision making by investors and the vital role finance must play in an industry requiring long-term commitment as well as investment in associated infrastructure. Short-term thinking and profit generation has too often driven, or incentivised behaviours that would undermine these principles. It is incumbent on investors to work practically through the PRI & UNEP backed Global Investor Commission on Mining 2030 to realise a different vision and role for investors in relation to this systemically important sector. Good practice exists in mining and this now needs to become the global minimum with a functioning market underpinned by traceability where no mine should be developed without a view to these principles.”
“It is enormously encouraging that there was so much support to establish a Global Mining Legacy Fund to address multiple legacy issues as a result of derelict, ownerless or abandoned mines. Such mines are an anchor on the social license of the industry and pose risks to Indigenous Peoples, communities, and the environment. If we are to see the necessary growth in mining for the transition then bringing to life such a Fund will be vital. This has been a key recommendation of the Global Investor Mining and Tailings Safety Initiative that was established following the Brumadinho Disaster. It is a tangible, practical and exciting development and presents a path for addressing one of the sectors most challenging issues. This Fund cannot be developed without the support of industry, interested governments and I welcome the opportunity to work in partnership with both to bring this Fund to life.”
https://lnkd.in/e4iG3MPE
