Global investment giants with $11 tn in assets rally behind mining reforms

A coalition of global investors with a combined $11 trillion in assets under management has joined hands to back an initiative aimed at transforming mining into a green and sustainable sector.

Investors including Dutch fund APG-AM, Canadian fund Caisse de dépôt et placement du Québec, UK pension fund Universities Superannuation Scheme, and US fund California State Teachers’ Retirement System are backing the Global Investor Commission on Mining 2030, a statement said.

Also called the Mining 2030 Commission, the initiative “seeks to define a vision for a socially and environmentally responsible mining sector by 2030, and to develop a consensus about the role of finance in realizing this vision.”

This ambitious effort aims to align the industry with the stringent demands of the green transition, marking a decisive step towards establishing sustainable practices in mining.

Adam Matthews, chair of the Global Investor Commission on Mining 2030 and chief responsible investment officer of the Church of England Pensions Board, said: “The Mining 2030 Commission presents a unique opportunity to step back and consider how investors value, steward and invest for the long-term in a sector whose time horizons are multi-decadal and often at odds with short term investment pressure.

“Twinned with this will be a consideration of the role of investors in supporting the alignment and consolidation of best practice standards on the key issues that challenge the sector as well as the role of addressing existing and future conflict that can be caused or exacerbated by extraction,” Mathews said.

Guided by the United Nations Environment Program (UNEP) and backed by the Principles for Responsible Investment (PRI), the commission boasts a diverse membership, including intergovernmental organizations, the mining industry, the legal and financial sector.

Fund managers Legal and General Investment Management (LGIM) with $1.47 trillion in assets, Abrdn with $467 billion in assets), AVIVA ($270 billion), South African Ninety One ($175 billion) and the Australian Council for Superannuation Investors with $1 trillion in assets under management have also backed the initiative.

“Mining has never been an easy industry. However, if the energy transition is going to be successful, a significant increase in the supply of sustainably mined minerals is required,” George Cheveley, a portfolio manager at Ninety One, said.

“Ninety One believes that only by engaging with the mining industry on multiple levels will we ensure that these minerals can be accessed whilst taking into account the many different stakeholders,” Cheveley added.