Stakeholder Sectors

RIA Conference Vancouver 2024RIA Conference Vancouver 2024Finance

IRMA at Responsible Investment Association

In May IRMA  presented at the annual conference of the Responsible Investment Association in Vancouver, British Columbia, Canada. Launched more than 30 years ago, the RIA’s vision is to align capital with sustainable and inclusive development as codified in the Paris Agreement and the UN Sustainable Development Goals. Today, the RIA today serves the needs of investment institutions, financial planners and industry service-suppliers collectively managing more than C$44 trillion in assets. The RIA serves as a secretariat for Climate Engagement Canada, a finance-led initiative to drive dialogue between finance and industry to promote a just transition to a net zero economy.

IRMA participated as part of the Critical Minerals and Mining: Balancing Net-Zero Ambitions with Social Responsibilities panel. IRMA board and secretariat members also hosted a side session to introduce IRMA to Vancouver-based colleagues, and to talk about the issues of climate, energy transition, materials needed from mining, Indigenous rights and the role investors serve.

Given Canada’s large support for mining and mine finance, Canadian investors have the potential to play a major role in encouraging mining companies to pursue the IRMA Standard. IRMA’s strategy includes an effort to engage the RIA and its institutional members.

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Mining Engagement with IRMA - March 2024Mining Engagement with IRMA - March 2024Mining

IRMA Mining Engagement – March 2024

As of March 2024, 82 mining companies are now engaged in IRMA representing 104 sites:

61 sites are self-assessing under the IRMA Standard (39 have made this public), the first step before an independent audit;

24 are piloting the draft IRMA exploration (IRMA Ready) or mineral processing standard self-assessments

19 are in the independent assessment system: 13 audits are underway (USA, South Africa, Senegal, Mozambique, Brazil, Chile, Argentina) and 6 completed audits have been published (Zimbabwe, Mexico, Chile)

They encompass 30 countries.

Details and maps of the mining sector’s engagement with IRMA are available here.

 

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Credit: Rainforest Foundation NorwayCredit: Rainforest Foundation NorwayFinance

Investors managing US$2.7T identify IRMA as ‘Key Initiative’

Thirty investment institutions with over US$2.7 trillion in assets under management have endorsed a statement calling for responsible mining practices in the nickel supply chains of the electric vehicle industry, with new signatories still joining after the initial February 20 launch.   

Led by the Dutch Association of Investors for Sustainable Development (VBDO) and Rainforest Foundation Norway, the statement uniquely specifies the Initiative for Responsible Mining Assurance (IRMA) as key to advancing responsible nickel mining

Consistent with the IRMA Standard, the statement calls for upstream suppliers to commit to the adoption of free, prior and informed consent (FPIC), independent third-party auditing, multi-stakeholder consultations, fair compensation to affected rights-holders, effective grievance procedures and a commitment to report publicly on the implementation of these actions. 

The list of signatories includes pension funds and asset managers well-recognized in the sustainable investing space including PGGM, Storebrand, and Triodos Investment Management.

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Unki on-site audit discussion. Credit: IRMAUnki on-site audit discussion. Credit: IRMAMining

Recording of the IRMA Deep Dive for Mining Companies

Thursday, December 14th, IRMA hosted a dedicated webinar for mining companies to learn more about the Initiative for Responsible Mining Assurance. It was simultaneously interpreted in Spanish, Russian, Portuguese, Indonesian, French, and Chinese.

Given our service to multiple sectors, we’re aware investors and companies who purchase mined materials are increasingly asking for mines to be independently assessed in IRMA system. Just as we seek to provide value to these sectors, as well as civil society, communities and labor unions, we’re equally committed to serving the mining sector.

The webinar was an open and candid discussion between representatives of mining companies that have been IRMA-audited, purchasing companies engaged in IRMA, and the key IRMA Secretariat staff who are dedicated to serving the mining sector. It highlighted the tools and training we’re developing to help mining companies better understand the standard and our assessment process. It also addressed common questions, hesitations, doubts and even frustrations, all with the aim of ensuring IRMA is responsive and useful to the mining sector.

The slides (English-only) are here. The webinars are available on our youtube channel and embedded below in Spanish, Russian, Portuguese, Indonesian, French, English and Chinese.

Spanish

Russian

Portuguese

Indonesian

French

English

Chinese

NOTE: At one point both interpreters talk simultaneously for a few minutes.

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Unki on-site audit discussion. Credit: IRMAUnki on-site audit discussion. Credit: IRMAMining

IRMA: a deep dive session for mining companies

On Thursday, December 14th, IRMA is hosting a dedicated webinar for mining companies to learn more about the Initiative for Responsible Mining Assurance.

Given our service to multiple sectors, we’re aware investors and companies who purchase mined materials are increasingly asking for mines to be independently assessed in IRMA system. Just as we seek to provide value to these sectors, as well as civil society, communities and labor unions, we’re equally committed to serving the mining sector.

This will be an open and candid discussion between mining company representatives, purchasing companies engaged in IRMA, and the key IRMA Secretariat staff who are dedicated to serving the mining sector. In particular, we’ll highlight the tools and training we’re developing to help mining companies better understand the standard and our assessment process.

We’ll also address common questions, hesitations, doubts and even frustrations, all with the aim of ensuring IRMA is responsive and useful to the mining sector.

Our draft agenda is as follows:

  • An introduction to IRMA, including addressing some of the most common questions we receive from mining companies
  • Short presentations from representatives from purchasing and finance, sharing their motivations for participating
  • Insights from mining companies who have undertaken third-party assessments, sharing their experience and learnings
  • A Q&A session with attendees

Register here for the session, taking place from 10:30AM – 12PM Eastern on December 14th. In case you’re not able to make this date, please register in any case, as a recording will be shared.

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