The World Gold Council announced that its members, 33 of the world’s gold miners, have committed to reporting their positions and progress on climate-related risks in line with the recommendations of Taskforce for Climate-related Financial Disclosures (TCFD).
The TCFD recommendations and reporting framework is now widely recognised as the preferred method for embedding climate change into the governance, strategy and risk management systems of organisations, and the means by which they disclose comprehensive and high-quality information on these factors to investors and stakeholders.
This unified approach on climate-related reporting further clarifies the commitments already embedded in the World Gold Council’s Responsible Gold Mining Principles (RGMPs) which require companies to take action to combat climate change and report in line with accepted standards.
The RGMPs, launched in 2019, represent a framework that sets out clear expectations for consumers, investors and industry stakeholders as to what constitutes responsible gold mining. All WGC members have committed to a three-year implementation timeline, and third-party assurance and public disclosure on that assurance. The new commitment to report via TCFD offers clearer definition of how Principles 10.3 (‘Combating climate change’) and 10.4 (‘Energy efficiency and reporting’) will be implemented.
Terry Heymann, Chief Financial Officer at the World Gold Council, commented: “Climate change is the biggest threat of the 21st century and all industries need to show progress in responding to this. Through our own research over the last few years, we have been able to gather substantial evidence that the gold mining sector is in a strong position to reduce emissions in line with Paris Agreement targets.”
“There is still much work to be done to reduce the emissions generated by our industry, but we are making good progress. Having our member companies commit to reporting via TCFD will help further demonstrate the industry’s determination to address climate-related risks and report on its progress in a clear and transparent way,” he added.
The World Gold Council has published three reports on climate which can be viewed here.