The London Metal Exchange (LME) has announced the introduction of a range of new certifications on its digital credentials register, LMEpassport, enabling more producers to report on a wider range of sustainability metrics – as demonstrated by the 17 new producers doing so today.
On the 24 May, 26 producers have listed 160 disclosures under the LME’s sustainability taxonomy, more than double the number listed at launch in October 2021. The taxonomy covers environmental, social and governance (ESG) spheres, and is designed to ensure that all aspects of sustainability – and the ways in which LME-listed brands are addressing them – can be reflected.
LME Chief Sustainability Officer, Georgina Hallett, commented: “We’re delighted that producers are increasingly finding value in providing greater visibility of their sustainability credentials via LMEpassport. As we expand the range of available metrics producers can use to disclose their data, the overall ESG landscape across the metals industry becomes clearer and this transparency drives progress and mitigation. The more producers are open about their methodologies, their strengths and the work still to be done, the better we can address industry level sustainability challenges.”
There are four new sets of disclosures available on LMEpassport, including independently assessed aluminium emissions ranges evaluated by the CRU Emissions Analysis Tool, the Aluminium Stewardship Initiative (ASI) Performance Standard Certification, the International Council on Mining and Metals (ICMM) Performance Expectations and the Initiative for Responsible Mining Assurance (IRMA) Standard for Responsible Mining.
The CRU Emissions Analysis Tool enables users to compare emissions on a like-for-like basis across the whole aluminium value chain. On LMEpassport, it includes three independently assessed ranges for aluminium producers to use to disclose their emissions.
Matthew Perlman, Product Development Specialist, Emissions Analysis Tool, commented: “It is an important step that CRU's brand-level CO2e estimates will be incorporated on the LMEpassport platform as sustainability-related impact comes increasingly into focus. We have gone to great lengths to provide the market with transparent, standardised and high quality emissions data to empower decision making and we welcome this latest endorsement from the LME and LME producers, as well as the continued collaboration going forward.”
The ASI Performance Standard Certification defines 59 ESG principles and criteria, and aims to address sustainability issues in the aluminium value chain.
Dr Fiona Solomon, ASI CEO, commented: “The Aluminium Stewardship Initiative (ASI) is the only sustainability standards and certification programme for the global aluminium value chain and we have worked closely with LME in recent years on a range of ESG transparency and due diligence issues. We are pleased to now include the ASI Performance Standard on the LMEpassport platform, to support market-facing disclosures and broader recognition of multi-stakeholder standards. A number of LME brands were among the early ASI members and adopters of the ASI Performance (and Chain of Custody) Standards, sharing a commitment to transparency, improved ESG performance (including but broader than GHG emissions) and driving positive change in the aluminium sector. We look forward to continued engagement and action on sustainability between LME, ASI and its Members along the value chain, from mine to market.”
The ICMM Performance Expectations are a comprehensive set of standards – aligned to ICMM’s Mining Principles – detailing how members should manage a broad range of sustainability issues at the corporate and operational levels.
Bryony Clear Hill, Manager for Standards, Reporting and Circular Economy at ICMM, commented: “We have been working with LME through the development of the LMEpassport, and are delighted to see third-party validation of conformance with ICMM’s Mining Principles recognised through this latest update. Our 26 member companies are currently working through self-assessments and third-party validation of performance at site level, covering between them around 650 sites in more than 50 countries. LMEpassport allows ICMM members to be recognised for their efforts to improve performance and transparency across the range of ESG topics.”
The IRMA Standard for Responsible Mining is designed to address the global demand for more socially and environmentally responsible mining. IRMA offers independent, third-party verification against a comprehensive standard for all mined materials and covers all issues related to the impacts of industrial-scale mines. The requirements within the standard are categorised by four elements; business integrity, planning for positive legacies, social responsibility and environmental responsibility.
Aimee Boulanger, Executive Director IRMA, commented: “We are so pleased to see IRMA included in the re-load of the LME passport. For mining companies engaged in IRMA, IRMA's Standard for Responsible Mining can act as a guidebook to meet increasingly rigorous expectations from customers and investors. From many in civil society, we are hearing that IRMA is the type of standard against which they hope mining companies will assess. We are pleased the LME sees the value of IRMA's work across stakeholder lines to bring value to all who are involved in and impacted by the mining industry."