In the face of growing climate concerns, the mining industry plays a crucial role in advancing environmental stewardship and sustainable practices. The Climate Change Protocol, within the Mining Association of Canada’s (MAC) Towards Sustainable Mining (TSM) initiative, represents a strategic approach to managing climate risks and seizing opportunities for a more sustainable future.
The 3 key performance indicators (KPIs) for climate change management
The Climate Change Protocol serves as a building block for mining companies, offering a structured path to assess and enhance their climate change-related management practices. The protocol was developed to propel the mining sector towards the goals set out in the Paris Agreement, in addition to aligning with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This alignment is essential to improve the industry’s ability to accurately assess and price climate risks.
1. Corporate climate change management
At the corporate level, the protocol calls for a comprehensive climate change strategy, which includes governance structures, risk management, and the integration of climate issues into business planning. He advocates for transparency and annual public reporting of results, ensuring that stakeholders are informed about the company’s climate strategies and performance.
2. Managing climate change in facilities
This indicator emphasizes the importance of implementing facility-level systems to manage energy use, GHG (greenhouse gas) emissions, and physical climate impacts. It highlights the need for annual reviews, awareness programs, and engagement with communities of interest (COIs) to promote a collaborative approach to climate change mitigation and adaptation.
3. Performance Goals and Reporting in the Facility
Setting ambitious but achievable performance targets for energy use and GHG emissions is crucial. This indicator encourages facilities to not only set these goals but also to publicly report on their progress, promoting accountability and transparency.
The way forward
For executives and experts in the mining sector, engaging with the Climate Change Protocol is not just a compliance exercise. It is a strategic commitment to environmental stewardship, operational excellence and social responsibility. By integrating climate issues into all aspects of their operations, mining companies can contribute significantly to global efforts to combat climate change, while increasing their competitiveness and long-term sustainability.
