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The mining industry shows a lack of focus on gender and diversity in their environmental, social and governance strategies, a recent report by Stratum International and Digbee has found.
Based on a survey of global mining sector decision-makers, the study deems “concerning” such an overlook in an industry that “needs to change the perception that mining is a male-only environment.”
According to the analysis, the issue is deemed the “least important” social priority for mining companies over the next two years.
On the other hand, the top three most important issues are energy efficiency, air and water pollution and waste management.
Tackling climate change and biodiversity loss comes later on the list of ESG factors for many mining businesses.
“Mining is critical to the energy transition. But businesses must put a solid ESG strategy at the centre of everything they do, in order to attract new pools of capital for the sector and turn the tide on low levels of investment,” the report reads. “Without an ESG strategy, mining firms will be hard-pressed to secure funding and shareholder confidence, and talented mining professionals are unlikely to want to work for such businesses.”
The survey of mining professionals from 29 countries suggests that although ESG has become a key discipline within the industry, it is still not deemed important by 2% of respondents.
For the rest, the biggest drivers for ESG are industry expectations (28%), pressure from stakeholders, investors and NGOs (26%), international standards related to ESG and sustainability (19%), and regulatory requirements (13%).
The study also shows that nearly three-quarters (71%) of respondents considered ESG important in decision-making at the board level, two-thirds (66%) thought it important to compare ESG credentials with others across the sector, and more than three out of five (63%) thought an independent analysis of ESG credentials was important.
“There’s huge pressure from industry, investors and other stakeholders for mining firms to be more transparent and report their ESG strategies. It’s not enough to just set and communicate sustainable targets. It’s also key to show how mining companies are progressing and achieving those goals,” Digbee CEO Jamie Strauss said in a media statement.
“Failure to do so will negatively impact future investment opportunities. That’s why the winners will be the ones who swiftly address potential risks and quickly seize the opportunities for ESG innovation.”
