New Sustainable Mining Standard to place Canadian Mining Industry at the Forefront of Global Climate Efforts
OTTAWA, ON, May 5, 2021 /CNW/ - Today, the Mining Association of Canada (MAC) is releasing a new Towards Sustainable Mining® (TSM) Climate Change Protocol designed to minimize the mining sector's carbon footprint, while enhancing climate change disclosure and strengthening the sector's ability to adapt to climate change.
"We are committed to being a constructive partner in the fight against climate change. TSM has a proven track record of driving positive change in Canada's mining industry and this new protocol ensures that we will continue to adopt leading practices related to climate change mitigation and adaptation," said Pierre Gratton, MAC's President and CEO. "Our 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. 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 globally recognized 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.
"Not only does the industry have an important role to play in reducing its emissions and adapting to the impacts of climate change, but Canada's mining sector is also uniquely positioned to support the global energy transition that will be required to meet the targets of the Paris Agreement," continued Gratton. "The new TSM Climate Change Protocol truly raises the bar for industry performance related to climate change, ensuring robust corporate governance and strategies related to climate action as well as comprehensive management systems at mine sites to ensure that companies can meet their climate-related targets."
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, first-of-its-kind 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. With substantial input from industry and communities of interest, the new protocol responds to many of the calls to action issued to MAC by the Community of Interest Advisory Panel in Rising To The Challenge: Advisory Statement On Climate Change, published in 2016.
The TSM Climate Change Protocol improves upon the TSM Energy Use and GHG Emissions Protocol in several important ways, including:
- 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.
- Incorporation of new requirements for facility-level management of physical climate-related risks and adaptation measures.
"Climate change is an issue that matters to all of us. Minimizing our industry's environmental footprint also makes good business sense as investors are looking for companies to disclose how they are managing climate-related risks and considering these risks in their business strategies," said Gratton. "This new protocol requires companies to make commitments, set targets and take action consistent with the ambitions of the Paris Agreement and, at higher levels of performance, make commitments corresponding with the societal ambition to achieve net-zero emissions by 2050."
Additional Quotes
"Climate change is both the challenge of our time and the economic opportunity. The mining sector will play a critical role in supplying the minerals and metals for batteries needed in the clean economy and I am pleased to see the actions taken today to do that in a manner that is both responsible and sustainable. This makes good sense for the planet and for the economy."
- The Honourable Jonathan Wilkinson, Canada's Minister of Environment and Climate Change
"We welcome further efforts by the Mining Association of Canada and its members to reduce emissions and prepare Canada's mining sector to compete globally in supplying the metals and minerals necessary for a net zero transition. We have a window of opportunity to create a value chain that uses Canadian metals/minerals to support battery and electric vehicle production in Canada. Action now is critical to seize this opportunity and the Climate Change Protocol is an important step."
- Mark Zacharias, Special Advisor, Clean Energy Canada
"We welcome the release of the Mining Association of Canada's new Climate Change Protocol. Assessing and managing the opportunities and risks presented by climate change is core to making informed investment decisions on behalf of our clients. The Towards Sustainable Mining framework provides investors with consistent and independently verified performance assessments against clear climate governance and disclosure expectations."
- Daniel Garant, Executive Vice President and Global Head, Public Markets, BCI
"While we believe metals and minerals are critical to transitioning to a low carbon economy, the mining sector will need to join others in embracing aggressive climate targets to pursue the objective that those materials are produced at the lowest carbon intensity possible. We welcome TSM's new Climate Change Protocol as a step in the right direction to drive de-carbonization and align climate actions and disclosure with the recommendations of the Task Force on Climate-Related Financial Disclosures."
- Margaret Childe, Head of ESG, Public Markets, Canada, Manulife Investment Management
"As the world faces a state of climate emergency those most responsible for the creation of GHG emissions are obligated to reduce them as fast as possible for the common good and the sustainability of the planet. Governments and citizens have their work to do, but the industrial sector has an enormous role and opportunity to help society get to net-zero at least by 2050, or before. Mining companies must reduce their own footprint substantially and help advance the just transition that is necessary if we are to hold global warming to 1.5 degrees Celsius. When the COI Panel called for MAC to act more decisively on climate change we saw the urgency for committed action on mitigation, adaptation, and assessing climate risk by the private sector, and mining companies in particular. We are seeing the shift in awareness and uptake of needed actions beginning. Canadians and people around the world are now demanding stronger measures. Hopefully the new TSM Climate Change Protocol will clearly demonstrate that real action for change today is possible and necessary."
- Joy Kennedy, former COI Panel Member and co-author of the 2016 COI Panel Advisory Statement, Rising to the Challenge
Associated Links
To view the media backgrounder on the updates that have been made to MAC's Climate Change Protocol, visit: https://bit.ly/3uyKqOM.
To learn about the innovation taking place in the mining industry to lessen its environmental footprint, visit: https://mining.ca/our-focus/climate-change/climate-change-initiatives-and-innovations-mining-industry/.
The mining industry is a major sector of Canada's economy, contributing $109 billion to national GDP and responsible for 19% of Canada's total domestic exports. Canada's mining sector employs 719,000 people directly and indirectly across the country. The industry is proportionally the largest private sector employer of Indigenous peoples in Canada and a major customer of Indigenous-owned businesses.
About MAC
The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal and mined oil sands, and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit www.mining.ca.
SOURCE Mining Association of Canada (MAC)
Cynthia Waldmeier, Director of Communications, (613) 233-9392 x225, 613-894-2128 (cell), [email protected]
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