ICMM says it welcomes the publication of the Taskforce on Nature-related Financial Disclosures (TNFD) Sector Guidance: Metals and Mining as an important step in catalysing a shift to an economy that supports nature. The guidance will enable mining and metals companies to identify, assess, manage and disclose nature related issues, it says.
ICMM is TNFD’s official piloting partner for the mining and metals sector, and has collaborated with 13 companies and cross-sector partners including NGOs BirdLife International and Fauna & Flora to develop TNFD’s sector guidance and reporting metrics. This sector-specific material supports mining and metals companies implementing TNFD’s wider framework in managing the nuances unique to the sector, as they work on integrating nature-related issues into their governance, strategic planning, risk management and disclosures.
With a recent report from Oxford University suggesting that shocks to the global economy related to biodiversity loss and ecosystem damage could cost upwards of $5 trillion, ICMM says it recognises the imperative of putting nature at the centre of decision making.
In January, ICMM’s 24 members, which represent around one-third of the global sector, committed to taking urgent action on nature, setting out a series of actions across their direct operations, value chains, wider landscapes and creating the conditions required to achieve systems transformation. These commitments are supported by transparent disclosures on performance outcomes, including publishing the results of nature-related impact and dependency assessments, and setting targets to address these. ICMM members are now focused on implementing these commitments.
This includes disclosing material nature-related impacts, dependencies, risks and opportunities for operations in priority locations by 2026 and the most material value chain categories or issues by 2030. TNFD’s new resources launched today will help to support this enhanced level of disclosure, ICMM says. Mining and metals companies have been reporting on their impacts on biodiversity for decades; this guidance goes much further to capture how their interactions with nature impacts businesses, it added.
Rohitesh Dhawan, President and CEO of ICMM, said: “We must acknowledge that mining activities have contributed to nature loss, but ICMM members are demonstrating how responsible mining can play a leading role in creating a nature positive future. I’m really proud that several ICMM member companies were among the early adopters of the TNFD framework, serve on the TNFD Forum and Taskforce, and have been one of the first in any sector to publish a TNFD assessment report.
“ICMM’s January commitments were the first collective sector approach to nature launched so far – one that we hope will provide learnings and guidance for other companies in the sector, and indeed other industries. TNFD’s new sector guidance and metrics can help companies to accelerate their implementation of these commitments, and their wider nature positive efforts.”
Duncan Wanblad, Chief Executive of Anglo American (TNFD Taskforce Member), said: “As a Taskforce Member and early adopter of TNFD, and as a member of ICMM, we were pleased to play an active role in the development of the Sector Guidance for Metals and Mining, representing another important milestone in the progression of TNFD and a significant contribution to the Global Biodiversity Framework’s Target 15. Our sector has an important synergistic association with nature and as a sector we have a great opportunity to be an enabler of positive change bringing together NGO partners, community and regional stakeholders and academic institutions to drive measurable actions on the ground.”
Libby Sandbrook, Director, Business & Nature Programme, Fauna & Flora: “Fauna & Flora is pleased to welcome the launch of the mining and metals guidance by TNFD. It will provide invaluable support to companies in the sector seeking to implement TNFD’s recommendations. We hope it will encourage more companies not only to disclose their nature-related risks and opportunities, but to take a positive approach to bending the curve on nature loss.”
Richard Grimmett, Head of Conservation, BirdLife International: “The new metals and mining guidance is an important further step towards the sector taking science-based action to improve the nature-related impact of the industry. The TNFD LEAP approach and disclosures provide a critical step in moving the industry towards a model which recognises and addresses its impact on nature. At BirdLife International, we look forward to seeing how the insights from the TNFD drive action and financial investment towards outcomes which benefit people and nature.”