The Asia Miner

JUL-SEP 2019

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

Issue link: https://asiaminer.epubxp.com/i/1150946

Contents of this Issue

Navigation

Page 5 of 59

the asia miner • volume 16 • issue 3 4 LEADING DEVELOPMENTS The World Bank launched the Climate- Smart Mining Facility, the first-ever fund dedicated to making mining for minerals climate-smart and sustainable. The Facility will support the sustainable extracঞon and processing of minerals and metals used in clean energy technologies, such as wind, solar power, and baeries for energy storage and electric vehicles. It focuses on helping resource-rich developing countries benefit from the increasing demand for minerals and metals, while ensuring the mining sector is managed in a way that minimises the environmental and climate footprint. The Facility evolves out of a World Bank report "The Growing Role of Minerals and Metals for a Low-Carbon Future", which found that a low-carbon future will be significantly more mineral intensive than a business as usual scenario. Global demand for 'strategic minerals' such as lithium, graphite and nickel will skyrocket by 965 per cent, 383 per cent and 108 per cent respecঞvely by 2050.* While the growing demand for minerals and metals offers an opportunity for mineral-rich developing countries, it also represents a challenge: without climate-smart mining pracঞces, the negaঞve impacts from mining acঞviঞes will increase, affecঞng vulnerable communiঞes and environment. The mulঞ-donor trust fund will work with developing countries and emerging economies to implement sustainable and responsible strategies and pracঞces across the mineral value chain. Partners include the German government and private sector companies, Rio Tinto and Anglo American. The Facility will also assist governments to build a robust policy, regulatory and legal framework that promotes climate-smart mining and creates an enabling environment for private capital. Projects may include supporঞng the integraঞon of renewable energy into mining operaঞons; supporঞng the strategic use of geological data for a beer understanding of 'strategic mineral' endowments; forest-smart mining, that is, prevenঞng deforestaঞon and supporঞng sustainable land-use pracঞces or repurposing mine sites; World Bank launches the Climate-Smart Mining Facility World Bank strives to make mining climate-smart and sustainable *The World Bank's updated 2018 projecঞons are based upon the assumpঞon that countries will implement the Paris Agreement and reduce emissions to keep global warming below 2 degrees. In a 1.5 degree scenario, global demand for strategic minerals would increase even more by 2050. Source: World Bank report to be published in 2019. and recycling of minerals by supporঞng developing countries to take a circular economy approach and reuse minerals in a way that respects the environment. "The World Bank supports a low- carbon transiঞon where mining is climate-smart and value chains are sustainable and green. Developing countries can play a leading role in this transiঞon: developing strategic minerals in a way that respects communiঞes, ecosystems and the environment," commented Riccardo Puliঞ, Senior Director and Head of the Energy and Extracঞves Global Pracঞce at the World Bank. "Countries with strategic minerals have a real opportunity to benefit from the global shi[ to clean energy." The World Bank is targeঞng a total investment of US$50 million, to be deployed over a 5-year ঞmeframe. The Facility will focus on acঞviঞes around four core themes: climate change miঞgaঞon; climate change adaptaঞon; reducing material impacts and creaঞng market opportuniঞes, contribuঞng to the decarbonisaঞon and reducঞon of material impacts along the supply chain of criঞcal minerals needed for clean energy technologies. Rio Tinto chief execuঞve J-S Jacques said that the transiঞon to clean energy soluঞons presents both a significant opportunity and responsibility for the mining industry, as it provides the materials that make these technologies possible. "We want to be part of the soluঞon on climate change and the best soluঞons will come from innovaঞve partnerships across compeঞtors, governments and insঞtuঞons. Our collaboraঞon with the World Bank and many others is aimed at making a real difference by promoঞng sustainable pracঞces across our industry. We look forward to supporঞng the Climate-Smart Mining Facility by contribuঞng not just funding but also experঞse as a leader in sustainable mining pracঞces."

Articles in this issue

Links on this page

Archives of this issue

view archives of The Asia Miner - JUL-SEP 2019