Australia may lose $45 billion amid green steel rush, report says
Australia accounts for 56% of seaborne iron ore trade.
The International Council on Mining and Metals (ICMM) said on Wednesday that its members would stay away from exploration-related activities at world heritage sites and focus on ensuring no net loss of biodiversity at any mining sites.
At the ongoing World Economic Forum in Davos, major mining companies, including Freeport-McMoRan, Teck and Newmont, committed to taking urgent action to support a “nature-positive future” by 2030.
ICMM members, representing around 30% of the global metals market, said meeting demand for critical materials to drive sustainable development should not come at the expense of nature.
“In addition, we have committed to take steps in our value chains, landscapes, and the wider systems in which we operate so that the total impact of our actions contribute to a nature positive future,” said Rohitesh Dhawan, CEO of ICMM.
(By Seher Dareen; Editing by Ravi Prakash Kumar)
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