Keeping up with ESG - June 2024

Hello reader 👋🏼

This edition read time: 10-12 minutes

Today we cover:

• Industry insights from PwC's Mine 2024 report and global reporting survey

• CDP state of play and a new format release

• CBAM “madness” and new templates

• Practical guidance on CSDDD compliance

• Women4Metals and Women in Mining updates

KEY REPORTS THIS MONTH

Spreadsheets All Over – PwC Survey

PwC's global survey of over 500 senior executives reveals a heavy reliance on spreadsheets for sustainability reporting, with over 90% of respondents using them for ESG data management. Advanced technology tools like sustainability data lakes and carbon calculation tools are underutilized. The EU directive impacting around 50,000 companies globally emphasizes the need for targeted tech investments to ensure efficient and accurate reporting. Read the full results here.

Mine 2024: 21st Edition – PwC Report

PwC issued another relevant report this month – and I swear they don’t pay us for promotion (yet). The "Mine 2024" report analyzes the global mining industry's performance and trends, focusing on the top 40 mining companies. It explores financial metrics, key industry challenges like decarbonization and technological advancements, and the evolving landscape of supply chains and sustainability practices. The report highlights the growing importance of AI in advancing productivity, sustainability, and safety within the mining sector. Read the full report here.

CDP: State of Play 2023 Report and Release of the New Disclosure Format

CDP's regular State of Play report shows a significant increase in companies disclosing 1.5°C-aligned climate transition plans. Over 1 in 4 companies (5,906) have such plans, a 44% increase from last year. This year’s report assesses the disclosure of over 23,200 organizations from 14 industries across 129 countries against CDP’s 21 key climate transition plan indicators. Read the full report here.

In the meantime, CDP rolled out a new multi-environmental issue format for the CDP full corporate questionnaire. CDP claims this step will simplify the reporting burden. We have seen the new version (approaching 2000 pages), and have to respectfully disagree on the simplification aspect. Be certain it is going to take 2-3 months of full-time capacity from one or two dedicated members. Unless you have Sirius, of course.

CBAM ESSENTIAL UPDATES

Members of Eurometal Express Concern About CBAM

Eurometal members expressed concerns that overseas high-emissions, low-priced metal might evade CBAM regulations. This could lead European customers to bypass CBAM, posing risks to local industries and contradicting CBAM's environmental goals. Business groups describe CBAM as “bureaucratic madness,” raising concerns about compliance and operational challenges.

New Reporting Templates and Guidance Released

New versions of reporting templates, guidance, and user manuals for importers and operators have been released. Companies should use them to prepare their next reports in July.

Important Links for CBAM Reporting:

• Most important features for the Declarant Portal - here

• Guidance document on CBAM implementation for importers - here

• CBAM communication template for installations - here

• Default values transitional period (Excel format) - here

REGULATORY UPDATES

Ultimate Guide on CSDDD Compliance

The Corporate Sustainability Due Diligence Directive (CSDDD) sets a new standard for companies to address human rights and environmental impacts in their supply chains. This directive impacts around 13,000 companies within the EU and approximately 4,000 outside the EU. Our specific and practical guide breaks down the complex requirements into actionable steps, ensuring your business can comply effectively.

Stay tuned for detailed checklists and further updates to simplify your compliance journey.

A New ISO Net Zero Standard

A new global standard is being developed to guide organizations in their net zero transition, evolving from the ISO Net Zero Guidelines launched at COP27. Thousands of experts from over 170 countries will collaborate, incorporating the latest climate science, with a public consultation opening in 2025. This standard aims to enhance credibility, guard against greenwashing, and provide robust guidance for verifiable net zero strategies. Link to ISO news.

ISSB Moves to Standardize Reporting on Climate Transition Plans

The ISSB announced that the IFRS Foundation will now manage the Transition Task Force's framework for reporting climate transition plans. Additionally, they have partnered with the GHG Protocol to ensure their greenhouse gas reporting standards are compatible. This move aims to reduce market fragmentation and ensure compatibility with IFRS S2, which requires entities to disclose their transition plans. The materials will be available on the IFRS Sustainability Knowledge Hub for developing educational resources and enhancing application guidance. Link to ISSB news.

And there is more news about newly created international standards and frameworks aiming to reduce their overall number, but we decided to stop here and share with you the meme of the month:

SIRIUS NEWS

Industry Insights at Berlin Mining Forum

Our Chief Impact Officer, Galina Donnik, recently shared her expertise at the Berlin Mining Forum, joining industry leaders such as Ivor Kadragic from CDP, Tanja Winter from Aurubis, Daria Goncharova from DMT, and Dr. Mary Mildred Stith from Pula Group. The discussions covered the latest trends and challenges in sustainable supply chain practices.

Supporting Women in Metals

Sirius is excited to join the Women 4 Metals network, an initiative funded by Aurubis. This network aims to attract more women to the metal industry, promote them to key positions, and support their career development. Learn more about Women 4 Metals.

Upcoming Event: Women in Mining Summer Drinks

On July 11th, we will be attending the Women in Mining Summer Drinks event in London, organized by Bird & Bird and WIM UK. This event is a great opportunity to network and support women in the mining industry. Register here.

This is it for now! Don’t forget to answer the poll question 👇