LBMA calls on industry to boost ESG value of latest Responsible Gold Guidance report
In drawing up its ninth version of the Responsible Gold Guidance (RGG) report, independent precious metals authority the London Bullion Market Association (LBMA) is calling for public stakeholder consultation to focus on the environment, social and governance (ESG) factors of the new report.
Version eight of the RGG, which was first launched in 2018, marked a major strategic expansion to include ESG issues.
LBMA CTO Neil Harby says version nine of the RGG aims to reflect the constantly evolving ESG issues and ensure it stays fit for purpose. “It is increasingly important that we do not work in isolation, especially considering the increasingly complex supply chains we are seeing today.”
He adds that engaging with many stakeholders, including intergovernmental organisations and nongovernmental organisations, is key to ensuring that everyone works together for a common goal.
Responsible Gold Supply Chain COO Nirali Shah reaffirmed the importance of collaboration, saying version nine of the RGG draws on Organisation for Economic Cooperation and Development analysis and incorporates International Business Council work on issues including clarity of material origin and ESG risk assessment, as well as the elimination of cash transactions outside of artisanal and small-scale mining.
She says that, although ESG is not a new requirement, version nine of the RGG will encompass a broader, more comprehensive view of ESG which aligns to industry standards and benchmarks, focusing on the primary supply chain initially.
“The changes between versions nine and eight are not revolutionary but evolutionary – part of a constant process of improvement,” says Harby.
Stakeholders have until July 20 to provide input.
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