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.


BC Mining Law Reform Issues Recommendations for Legal Reform

BC Mining Law Reform was created in May 2019 to push for certain changes in the BC mining regulatory landscape. The new reports offer 69 recommendations that range from broad policy updates to small changes in current legislation. They include the adoption of free, prior, and informed consent for indigenous communities affected by mining projects and major changes to BC’s mineral tenure system.

Waste Disposal and Management: BC Mining Law Reform recommends reducing the number of existing tailings dams; moving away from wet tailing impoundments; adopting the Initiative for Responsible Mining Assurance (IRMA) Standard for Responsible Mining for waste management; and banning disposal of wastes into lakes, rivers, or oceans.

Water Protection: BC Mining Law Reform recommends the adoption of the IRMA Standard for Responsible Mining water management standards, including full consultation with communities and stakeholders on critical water-related issues, with third party independent reviews. The network also recommends the prohibition of mines likely to require perpetual water treatment unless able to meet exceptional criteria.

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