Final Mining 2030 Report Published Outlining 10-year Vision and Recommendations
Gemma James, Sebastien Akbik and Rory Sullivan
The Global Investor Commission on Mining 2030 has published its final 10-Year Vision and Recommendations. The Vision was developed following two years of deliberation and multi-stakeholder engagement by the Commission.
The Vision is for a mining industry that avoids and minimises harm, operates to high performance standards, and leaves lasting value for communities. The Commission's premise is that mining is critical to growing economies and to the energy transition, and that market and policy conditions must be shaped in a way that reward responsible practices while also meeting rising demand and incentivising circular economy practices.
As the Secretariat of Mining 2030, we have taken a moment to reflect on what we believe makes this initiative distinctive. We have identified three features: (a) an analytical focus on root causes, (b) a willingness to scrutinise the role of investors, and (c) a commitment to a multi-stakeholder process.
A focus on root causes – not quick wins
Aiming for sector-level change at the scale envisaged by the Commission is neither quick nor straightforward. It requires a long-term outlook, and a holistic approach that addresses the major challenges faced by the industry and its investors.
The Commission's approach has been to focus on systemic interventions that address the root causes of the negative social and environmental impacts of the industry. Its recommendations include establishing an independent International Minerals Agency to support and coordinate better mineral governance, a Global Legacy Fund to tackle post-closure liabilities, a dedicated Centre for Peacebuilding and Business, and a stewardship initiative to help investors integrate mining sustainability expectations into their engagement with companies, value chain companies and sovereigns. We have recognised the role and contribution of investors – both positive and negative.
As an investor-led initiative, the Commission was founded on the conviction that investors are uniquely placed to drive better practices across the mining sector. At the same time, the Commission actively sought to understand the mining industry’s views on its investors. When responding to a survey that we commissioned, the mining industry consistently cited short-term financial pressures as a barrier to investment in in higher sustainability standards. The Commission's recommendations recognise that lifting standards across the industry requires the investment system to change alongside it.
We have adopted a multi-stakeholder approach
We have proactively engaged with stakeholders throughout the process. Our work has included in-person workshops with investors, with companies and with civil society, a series of open consultations, many 1-1 conversations with different stakeholders, and surveys such as the survey of company views of their investors.
As the Secretariat, our role was to act as an impartial interlocutor and interpreter, to acknowledge, recognise and explain different perspectives, and to bridge differences and translate insights between groups. We recognised that consensus was not always feasible; our focus was therefore on structured dialogue, iterative consultations and achieving mutual understanding.
Next steps
The Commission is now moving into Phase 3, where the focus will be on the delivery of the Commission’s Vision. Updates on progress and opportunities to contribute to and provide feedback on its work will be provided on the Mining 2030 website.
The Commission's Investor Supporter Network is open to investors who want to engage with the implementation of the Vision and Recommendations. Please get in touch at mining2030secretariat@chronossustainability.com or visit mining2030.org.
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For more information on our work on sustainable mining at Chronos contact: sebastien.akbik@chronossustainability.com
