Statement on UN Secretary General's Advisory Panel on Critical Energy Transition Minerals

Statement by Adam Matthews, the Principles for Responsible Investment representative on the United Nations Secretary General’s Advisory Panel on Critical Energy Transition Minerals and Chair of the Global Investor Commission on Mining 2030.

“On behalf of the Principles for Responsible Investment (PRI) I welcome today’s publication of the UN Secretary General's response to the Advisory Panel’s recommendations on the vital issue of critical energy transition minerals.

“It is clear we cannot have a global energy transition without mining. But the key question is whether the flow of minerals entering global supply chains will come from responsible extraction that operates to the highest best practice social and environmental performance standards? Will the projected growth in demand result in greater local benefit for mineral dependent countries? And will regulation and financial levers drive a model of responsible mining that ensures Indigenous Peoples, communities and countries will be able to look back in generations and recognise that the legacy of this extraction was a positive one? This for me was the challenge we approached as part of the UN Secretary General’s Advisory Panel, and it was an enormous privilege to be able to contribute to the recommendations that have been included in the final document published today.

“I especially welcome the inclusion of a finance principle speaking to the need for investments, finance and trade to be responsible and fair. This finance principle underlines the importance of long-term decision making by investors and the vital role finance must play in an industry requiring long-term commitment as well as investment in associated infrastructure. Short-term thinking and profit generation has too often driven, or incentivised behaviours that would undermine these principles. It is incumbent on investors to work practically through the PRI and UNEP backed Global Investor Commission on Mining 2030 to realise a different vision and role for investors in relation to this systemically important sector. Good practice exists in mining and this now needs to become the global minimum with a functioning market underpinned by traceability where no mine should be developed without a view to these principles and associated actions.”

“It is enormously encouraging that there was so much support for the proposal to establish a Global Mining Legacy Fund to address multiple legacy issues as a result of derelict, ownerless or abandoned mines. Such mines are an anchor on the social license of the responsible industry and pose risks to Indigenous Peoples, local communities, and the environment. If we are to see the necessary growth in mining for the transition then bringing to life such a Fund will be vital. This has been a key recommendation of the Global Investor Mining and Tailings Safety Initiative, Chaired by the Church of England Pensions Board, that was established following the Brumadinho Disaster. It is a tangible, practical and exciting development that presents a path for addressing one of the most challenging issues in the sector. This Fund cannot be developed without the support of industry, interested governments and I welcome the opportunity to work in partnership with both to bring this Fund to life.”