The International Council on Mining & Metals (ICMM), the United Nations Environment Programme (UNEP) and the Principles for Responsible Investment (PRI), today announced that they will co-convene an independent review that will establish an international standard on tailings storage facilities.
While the standard would become an ICMM company member commitment, the co-convening partners will encourage others to join in advocating for it to be accepted more broadly.
This initiative is in response to the recent tragedy at Brumadinho and will be informed by evidence and lessons from earlier mine tailings dam failures. The aim is to complete this work by the end of the year.
The PRI will be represented by the Church of England Pensions Board and the Council of Ethics of the Swedish National Pension Funds, who are both PRI signatories.
As a next step the co-convenors will jointly appoint an independent chair and a multi-stakeholder advisory panel. There will be a further update once the chair has been appointed.
ICMM is an international organisation dedicated to a safe, fair and sustainable mining and metals industry which brings together 27 mining and metals companies and 36 regional and commodities associations. Every ICMM member company adheres to 10 Principles and 8 Position Statements on issues relating to sustainable development.
About United Nations Environment Programme (UNEP)
The United Nations Environment Programme is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system, and serves as an authoritative advocate for the global environment. UNEP’s mission is to provide leadership and encourage partnership in caring for the environment by inspiring, informing, and enabling nations and peoples to improve their quality of life without compromising that of future generations.
About Principles for Responsible Investment (PRI)
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of ESG factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate, and ultimately, of the environment and society as a whole.
Duncan Smith, Head of PR, PRI