Supporting the mining sector to align with nature frameworks

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While each nature-related framework¹—whether voluntary like the TNFD or regulatory mandates such as the CSRD serves a different purpose—it can be a challenge to know which (or which combination) is the most appropriate to align with, in different contexts.

Governments, investors and societies increasingly expect mining companies to protect and repair nature as part of their business. Nature frameworks were developed to enable such growing expectations, and each uses a different mechanism to do so.

Some focus on assessing and limiting business impacts on nature for the benefit of society, while others focus on requirements to disclose business risks of nature loss to support investor decisions.

From a strategic perspective, aligning with nature-related frameworks can help mining companies enhance nature, strengthen community relationships, mitigate material risks, and boost investor confidence. However, knowing how to do this is not straightforward.

Navigating the burgeoning nature framework landscape

Nature frameworks can be classified into the categories shown in the figure below. They can be voluntary, such as TNFD, SBTN, and GRI, or mandatory, such as CSRD, CSDDD, or EU Battery Regulation. Each has different entry points: some are designed for an industry, such as ICMM’s Nature Position Statement; some for a value chain, such as The Copper Mark standards; and others are to be used more broadly, such as the SBTN.

Frameworks can also be categorised based on the outcomes they seek to achieve. For example, SBTN requires organisations to set targets, TNFD, PBAF, and GRI provide structured approaches for reporting, and ICMM guides best practices in impact mitigation.

Aligning with the frameworks is good for business

Mining has a long history of engaging with biodiversity issues, but the nature frameworks offer a structured, standardised approach. They help companies:

Build momentum and level up practices through cross-sector and sector-specific standards.

Avoid reputational and financial risks: Inaction can damage a company's social license to operate, resulting in long-term financial setbacks

Integrate nature with social and climate issues, making nature management a company-wide priority rather than a competitive burden.

These frameworks reflect a new corporate role in managing environmental and social liabilities, as companies are now held accountable by regulators, investors, and society.

Adopting or aligning with them can help support consistent action and reporting, making it easier to demonstrate environmental progress to external audiences. This can also provide a strategic advantage for companies, improving social acceptance of projects while also delivering for public and private investors seeking more transparency.

While aligning with frameworks will require additional human and financial resources, in the long run, the biggest cost for companies will be inaction, and when financial impacts from biodiversity loss materialise, they will be more costly to mitigate.

Leveraging nature frameworks as a strategic advantage

Mining companies are no strangers to environmental and social requirements. While nature frameworks can feel like an additional burden, they could be the missing piece of the puzzle, linking social, climate and nature topics from site-level to the corporate level.

Most mining companies already collect environmental data, and aligning with a nature framework can support mining companies to make sense of all this data - not just at the site-level but also at the corporate level. They also highlight data gaps and illustrate where disclosure will require additional information.

Nature frameworks enable better decision-making related to nature actions across sites by sharing knowledge and good practices, improving performance in reducing impacts and making positive contributions. They are also an opportunity to give corporate leadership a better understanding of nature-related challenges.

For mining companies (and most others), the biggest challenge is often figuring out where to begin.

How to Move Forward

Here’s a high-level approach to get your company started on aligning with nature frameworks:

Acknowledge Your Progress: Recognise the biodiversity initiatives already in place at your sites. These can serve as the building blocks for a comprehensive, framework-aligned strategy.
Build Awareness: Ensure that management and teams understand how biodiversity ties into your company’s broader sustainability goals. This step is crucial for securing buy-in and embedding biodiversity into your company’s culture.
Choose the Right Framework: Analyse your company’s corporate strategy, needs, resources, and regulatory requirements against the frameworks requirements to select a framework that aligns with your strategic goals.
Run a data gap analysis: Assess the available data your company is already collecting, and the data required to align with the right framework for your company.
Start with a Pilot: Select one site or business unit to test your approach. Use this to refine methods before rolling out company wide.
Get External Support: Partnering with experts in biodiversity and sustainability can streamline the process and ensure you meet your goals effectively.

By taking these steps, mining companies can start their journey towards or take the next steps, demonstrating environmental responsibility while future-proofing their operations. With the right approach, nature frameworks can be a roadmap for resilience and growth, while helping companies protect the ecosystems they depend on and secure long-term success.

The Biodiversity Consultancy, with years of experience and expertise, can be the partner in your journey to achieve business resilience and long-term growth, while creating positive impact for nature.

Note:

1) A nature-related framework can be defined as a set of guidelines, standards, or methodologies designed to help organizations assess, manage, and report their impacts and dependencies on nature – including biodiversity (species and ecosystems), water, and soil.