Why Sector Standard for Mining
The Sector Standard Project for Mining aims to provide dedicated reporting guidance and indicators for organizations operating in the mining sector. This sector-specific standard will address the unique sustainability challenges, impacts, and opportunities related to mining activities, including environmental stewardship, community engagement, human rights, governance, and supply chain management.
By having a dedicated sector standard, organizations in the mining industry can effectively measure, report, and manage their sustainability performance, providing stakeholders with valuable insights into their environmental, social, and economic impacts. It will enable greater transparency, accountability, and informed decision-making within the mining sector.
The significance of this Standard?
The significance of the Sector Standard for Mining lies in its ability to address the unique sustainability challenges and opportunities specific to the mining industry.
Guiding sustainable practices: The standard provides a comprehensive framework for organizations in the mining sector to measure, report, and improve their sustainability performance. It guides them in adopting responsible practices, minimizing environmental impacts, and promoting sustainable development.
Enhancing transparency and accountability: By adopting the standard, organizations can enhance transparency and accountability in the mining industry. They can provide stakeholders with reliable information about their environmental, social, and economic impacts, fostering trust and informed decision-making.
Addressing stakeholder expectations: The standard aligns with the growing expectations of stakeholders, including investors, communities, regulators, and civil society, who demand greater transparency and responsible practices in the mining sector. It enables organizations to demonstrate their commitment to sustainability and respond to stakeholder concerns.
Supporting industry transformation: The standard supports the ongoing transformation of the mining industry towards more sustainable practices. It encourages organizations to integrate environmental considerations, respect human rights, engage with local communities, and manage supply chain impacts.
Driving positive impacts: By promoting responsible mining practices, the standard aims to minimize environmental degradation, protect biodiversity, ensure safe working conditions, respect human rights, and contribute to the well-being of local communities. It helps the mining industry play a positive role in sustainable development.
Sector Standard for Mining is significant as it provides a framework for organizations to improve their sustainability performance, meet stakeholder expectations, and contribute to a more responsible and sustainable mining sector.
It enables organizations to manage their impacts effectively, drive positive change, and create long-term value for both the industry and society.
To what organizations does standard apply?
The GRI Sector Standard for Mining applies to organizations operating in the mining industry. This includes:
Mining companies: Organizations engaged in the exploration, extraction, and processing of minerals, metals, and other geological resources.
Mining equipment and services providers: Companies that supply equipment, machinery, technology, and services to the mining sector, supporting mining operations and value chain activities.
Mining industry associations: Associations representing the interests of mining companies and promoting responsible practices within the industry.
Mining investors and financiers: Financial institutions, investment firms, and stakeholders providing funding and investment in mining projects.
Regulatory bodies: Government agencies and regulatory bodies responsible for overseeing and regulating the mining sector.
Community organizations: Local community groups and organizations located near mining operations, advocating for community rights, social welfare, and environmental protection.
It is important to note that the applicability of the Sector Standard for Mining extends to organizations of varying sizes, from small-scale mining operations to large multinational mining corporations.
The standard aims to guide these organizations in measuring, reporting, and improving their sustainability performance, ensuring transparency and responsible practices within the mining industry.
When will it come into effect?
The GSSB is now reviewing comments as per the GSSB Due Process Protocol. The final Standard is expected to be approved in Q4 2023, mostly it will be applicable from 2025.
The development and implementation timeline for sector standards may vary, and it is important to refer to the official GRI website directly for the most up-to-date information on the effective date of the standard.
GRI typically provides announcements and updates regarding the effective dates of new standards and revisions on their website.
It is advisable to regularly check the GRI website or subscribe to their newsletters for the latest information on the effective date of the GRI Sector Standard for Mining.
