Top investors back plan to reform mining industry

Investors overseeing a combined US$11 trillion are among the first to back the Global Investor Commission on Mining 2030, according to a statement. — Bloomberg

NEW YORK: Some of the world’s biggest investors are throwing their weight behind a plan to reform the mining industry so it can safely meet the growing demand for minerals and metals needed for the green transition.

Investors overseeing a combined US$11 trillion, including California State Teachers’ Retirement System and Legal & General Investment Management, are among the first to back the Global Investor Commission on Mining 2030, according to a statement.

The investor group, which was convened this year with the help of the United Nations, said its goal is to “define a vision for a socially and environmentally responsible mining sector” and introduce a set of global standards for the industry covering issues from child labour to biodiversity loss.

Expanding wind, solar and electric-vehicle production will require considerably more minerals and metals than combustion-powered technology.

And that’s forcing environmental, social and governance investors to take a fresh and more critical look at the mining industry, which has been linked to a long list of environmental and social harms from child labour and sexual assault to rivers of toxic sludge and mercury poisoning. — Bloomberg

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