New publication to facilitate transparent and consistent reporting on the ESG performance of marine mineral projects.
A broad international consortium has developed the first handbook for environmental, social and governance (ESG) disclosure in relation to marine minerals. The purpose of the guidance document is to enable transparent and consistent reporting of material ESG topics of marine mineral projects in the context of global standards.
Marine minerals are emerging as a potential complementary source of critical metals to meet the projected increase in demand, driven in part by the transition to a more mineral-intensive renewable energy system.
The Marine Minerals ESG Handbook project has developed the first edition of an ESG disclosure framework for the marine minerals industry. This was achieved through a two-year iterative process with involvement of marine mineral developers, contractors, financial institutions, science institutions, non-governmental organisations and regulators.
The objective of the ESG Handbook is to:
- Provide guidance to meet international expectations regarding ESG disclosure for the marine minerals industry.
- Provide an overview of the material ESG topics for the marine minerals industry.
- Provide recommendations for the consistent disclosure of information for each material topic.
- Provide a tool for structured ESG documentation enabling useful ESG disclosures for internal and external stakeholders.
- Facilitate transparency and consistent reporting to inspire and facilitate optimization and improvement across the sector.
The marine minerals ESG guidance builds on existing global non-financial performance and ESG reporting standards from recognised institutions while considering the specific challenges and opportunities of the marine minerals industry. This disclosure guideline is voluntary and aims to provide a uniform basis for communication with a wider set of stakeholder groups.
The current global guideline for ESG disclosure is not dependent on, nor replacing regulations. Jon Hellevang, R&D manager at GCE Ocean Technology, said: “We hope that the development of this ESG handbook will encourage ESG thinking and improvements before any commercial activities begin.”
Tor Jensen, vice president environmental risk management at DNV, said: “DNV is pleased to be a part of this consortium. Given the role of critical metals in the energy transition it is important to ensure responsible extraction and re-circulation of metals. The Marine Minerals ESG Handbook allows for transparent and consistent reporting on the ESG performance of marine mineral projects, aligned with global standards. I hope the industry adopts this guidance positively in support of a sustainable energy transition.”
Click here to download the Marine Minerals ESG Handbook from the DNV website.
