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Sopa Images | Lightrocket | Getty ImagesMining of critical minerals plays a crucial role in the global green transition, but the broader industry's bad reputation and other challenges present investment barriers, industry experts warn. Critical minerals include metals such as copper, lithium, nickel, cobalt and rare earth elements, and are important components in emerging green technologies such as wind turbines and electric vehicles. Speaking on a panel at Singapore's annual Ecosperity Week, which ended Wednesday, mining industry experts and investors said the growing demand from green tech makes it necessary to increase government support and capital flows into the critical mining sector. Many of the same companies that mine critical minerals also mine environmentally damaging fossil fuels like coal. One area that has seen recent strides and investments has been in the recycling of critical minerals, which cuts down the need of extraction.
Persons: Adam Matthews, Dominic Barton, Barton, Scott Clements Organizations: PT Vale, Getty Images, Global Investor Commission, Mining, Royal Bank of Canada, Rio Tinto, LeapFrog Investments, International Renewable Energy Agency, EV, World Bank, Tribeca Capital Locations: PT Vale Indonesia, China, Paris, Rio, Indonesia's Sulawesi, Rio Tinto, Western Australia
Decarbonisation in mining still a long way off
  + stars: | 2023-09-07 | by ( ) www.reuters.com   time to read: +3 min
Engineering student Mark Peirce from the School of Mines poses for a portrait in the college's experimental mine in Idaho Springs, Colorado, U.S., December 9, 2021. As metals are used across many different industries that serve customers across various geographies, it is difficult for mining companies to account for the whole supply chain. The International Council on Mining and Metals , whose members include around 25 mining companies, on Thursday published guidance for all mining companies on how to account and report their Scope 3 - or indirect - emissions "to try and answer the problem of patchy data to make companies report consistently," its CEO Rohitesh Dhawan said at the conference. Scope 1 refers to a company's direct emissions, Scope 2 to indirect emissions from purchased energy while Scope 3 refers to all other indirect emissions, for example from a company's third-party suppliers. Mining companies have set targets to decarbonise and mostly aim to reach net zero by 2040 and 2050, but some are struggling to keep up.
Persons: Mark Peirce, Kevin Mohatt, Virginia Dundas, Dundas, Rohitesh Dhawan, Rio, Adam Matthews, Clara Denina, Elaine Hardcastle Organizations: School of Mines, REUTERS, Reuters IMPACT, Council, Mining, Metals, Rio Tinto, Church of, Pensions, Thomson Locations: Idaho Springs , Colorado, U.S, Virginia, London
The protests come as Shell faces a shareholder vote on a measure to increase its climate ambitions following a year of record profits at the company. Bloomberg | Bloomberg | Getty ImagesLONDON — Shell Chief Executive Wael Sawan and the firm's board of directors on Tuesday were shielded by security staff as climate protesters unsuccessfully tried to storm the stage at the British oil giant's annual shareholders meeting. Follow This, a small Dutch activist investor and campaign group with stakes in several Big Oil companies, tabled a resolution at Shell's shareholders meeting. For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The company described Climate Resolution 26 as "unclear, generic and would create confusion as to Board and shareholder accountabilities."
Investors are pushing miners to adopt tougher sustainability policies amid fears the rush for minerals to expand renewable energy will harm the environment and poor communities. The newly-launched Global Investor Commission on Mining 2030 said it would introduce sustainability standards by next January which will seek to overhaul the mining industry this decade. “We’ll improve the practices and outcomes in the mining industry more quickly,” he said. PREVIEWThe rules will draw on lessons from investors and the mining industry’s development of the Global Industry Standard on Tailings Management. The tailings standard came out about two years ago following the 2019 Vale SA Brumadinho disaster in Brazil where a tailings dam collapsed and killed 270 people.
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