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Nature insights: How company disclosures can empower a nature positive future

ICMM members are committing to contribute to a nature positive future.

For this work to be credible, it must be supported by robust reporting and disclosures. This means transparent communication of an organisation's dependencies and impacts on nature and the actions it is taking to help halt and reverse these impacts.

Beyond this, there are compelling reasons to make disclosures a foundation of nature positive action. Firstly, by monitoring and disclosing performance companies can check that their activities are having the desired outcomes for nature and hold themselves to account for the continuous improvement of our approaches.

Secondly, they can make important information available for use by conservation scientists and decision-makers, including investors, policymakers or for use within the company itself, to help drive nature positive action.

Finally, the information may also be used to identify new opportunities for collaboration, sharing learnings and scaling positive impacts, e.g. with others working in the same region or on similar initiatives.

Leading the way

For many mining companies, reporting environmental performance is a key part of their license to operate and has been undertaken for decades. This does not mean that they can sit back and relax, however, and ICMM members are continuing to innovate and enhance their disclosures.

Some recent examples include:

  • Sibanye-Stillwater’s biodiversity footprint accounting using site-based data and following the Biological Diversity Protocol, was a world first for mining companies in 2022. This enables readers to explore the biodiversity gains and losses of individual sites and the company as whole.
  • Rio Tinto became the first major mining company to publish detailed site-level water usage across its sites in 35 countries via an interactive map in March 2023. This includes information such as where the water to the site comes from, how much water it has permits to use and trends in water use over time.
  • BHP published the first natural capital account for a mine with its Beenup site pilot case study in May 2023. This approach helps measure the full value of the natural environment and the effectiveness of rehabilitation activities.
  • Anglo American provided the first mining sector case study of the application of the new Taskforce for Nature-Related Financial Disclosures (TNFD) guidance in December 2023. This is now available to support other companies in the sector to apply the guidance for their own disclosures.

The quality of companies’ policies and disclosures are also often closely scrutinised and many members engage with initiatives such as the Biodiversity Disclosure Project in South Africa and the World Benchmarking Alliance’s Nature Benchmark to help test and improve their reporting.

As always, there is more to do. ICMM’s new Nature Position Statement includes a commitment to develop consistent and robust metrics for reporting progress towards nature positive outcomes, collectively and in consultation with stakeholders. This work is key to helping continue to improve the effectiveness and robustness of company contributions to a nature positive future.