Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
The Mining Association of Canada (MAC) announced Wednesday it is releasing a new Towards Sustainable Mining (TSM) Climate Change Protocol designed to minimize the mining sector’s carbon footprint, enhance climate change disclosure and strengthen the sector’s ability to adapt to climate change.
“We are committed to being a constructive partner in the fight against climate change,” Pierre Gratton, MAC’s President and CEO said in a media statement. “This new protocol ensures that we will continue to adopt leading practices related to climate change mitigation and adaptation.”
Mined materials are required inputs for green technology, like electric vehicle batteries, wind turbines and solar panels, and it is critical that these minerals and metals be responsibly sourced with the smallest GHG footprint possible, Gratton emphasized.
TSM was the first mining sustainability standard in the world to require site-level assessments and is mandatory for all MAC member companies’ Canadian operations
“As an energy intensive industry, we know we have an important role to play in lessening our carbon footprint, and this new TSM protocol is intended to help our members do just that.”
TSM was the first mining sustainability standard in the world to require site-level assessments and is mandatory for all MAC member companies’ Canadian operations. First launched in 2004, TSM is a sustainability program that supports mining companies in managing key environmental and social risks. Through TSM, eight critical aspects of social and environmental performance are evaluated, independently validated, and publicly reported against 30 distinct performance indicators.
Canada’s mining sector operates some of the lowest carbon-intensive mines in the world thanks to Canada’s abundance of clean energy, the adoption of world-class sustainability standards like TSM and company adoption of low emission technologies at their sites.
The TSM Climate Change Protocol is a major update to the TSM Energy Use and GHG Emissions Management Protocol, first introduced in 2013.
The Climate Change Protocol is supported by the publication of the new Guide to Climate Change Adaptation for the Mining Sector, a comprehensive guidance for the mining sector focused on assessing and identifying potential physical climate impacts, considering these risks in decision-making, and implementing corresponding adaptation measures.
The TSM Climate Change Protocol improves upon the TSM Energy Use and GHG Emissions Protocol through stronger requirements for energy use and GHG emissions management, performance, and reporting at the facility level, setting a new bar for best practice.
A new indicator on climate change management at the corporate level to support companies in responding to the Recommendations of the Task Force on Climate-Related Financial Disclosures and in setting ambitious targets and actions in line with the goals of the Paris Agreement, including commitments related to net-zero emissions by 2050.
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Konan Bruce
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