London Metal Exchange Enhances ESG Data Platform ‘LMEpassport’ with Global Collaboration

London Metal Exchange Enhances ESG Data Platform ‘LMEpassport’ with Global Collaboration

(IN BRIEF) The London Metal Exchange (LME) is collaborating with global producers and standards organizations to enhance its digital ESG data platform, LMEpassport, providing the metals community with access to verified sustainability data from global producers. LMEpassport now lists 466 disclosures from 219 brands, with 54 certifications and standards across the ESG spectrum. This collaboration aims to promote ESG data transparency and comparability in the industry, allowing producers to showcase their sustainability-related targets and track progress. A new side-by-side viewing feature enables users to compare multiple producers’ ESG disclosures simultaneously. The initiative aligns with the LME’s focus on advancing sustainability and the United Nations 2030 Agenda’s principles.

(PRESS RELEASE) LONDON, 10-Oct-2023 — /EuropaWire/ — The London Metal Exchange (LME) is collaborating with producers and standards bodies around the world on enriching its digital ESG data platform, LMEpassport. This will provide the metals community with access to comparable, verified and wide-ranging sustainability credentials and data regarding global producers.

Georgina Hallett, LME Chief Sustainability Officer, commented: “ESG data transparency and comparability are vital components in addressing industry level sustainability challenges. We’re delighted that already more than 50% of LME-listed brands are now sharing sustainability credentials on LMEpassport and we’ve recently added 12 new sets of certifications, metrics and standards against which producers are able to disclose. Galvanising our industry to advance the global sustainability agenda is a core part of the LME’s strategic focus and we look forward to further collaborating with our industry partners.”

LMEpassport now lists a total of 466 disclosures from 219 brands (compared to just 22 when launched in 2021), with 54 available certifications, standards and metrics across the ESG spectrum. Additionally, producers are now able to show a broad range of sustainability-related targets and commitments and, importantly, track their progress against them. In response to increasing engagement and data, a new side-by-side viewing functionality has been introduced on LMEpassport, enabling users to compare up to five producers’ ESG disclosures simultaneously.

The LME collaborated with the following producers and standards bodies on building out additional credentials, features and disclosures and will continue to work with them and all its listed brands on evolving ESG data transparency across the metals industry.

• Boliden

Sven Hjelmstedt, Director Sales: “The green transition begins with green metals and the LMEpassport provides us with a comprehensive picture of the sustainability performance directly linked to our LME brands. We are welcoming additional data transparency, enabling us to add commitments and targets as we aim to lead the industry’s transition. We’re therefore excited to be part of this particular development.”

• China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC)

Sun Lihui, Director of Development Department: “We are pleased to participate in and witness the formulation and implementation of the London Metal Exchange’s Responsible Sourcing Policy. We look forward to working together to promote responsible sourcing and sustainable development in the global metal industry. The Chinese Due Diligence Guidelines for Mineral Supply Chain (Second Edition), as LME-approved standard for track A, will continue to provide supply chain assessment services for metal industry enterprises, promote them to identify the supply chain risks and take appropriate mitigation measures, support them in strengthening supply chain due diligence management to meet LME’s requirements. We also encourage enterprises to actively disclose sustainable development information in environmental, social, and governance aspects through transparent communication and cooperation with industry chain partners, and are committed to establishing an inclusive, sustainable, and responsible global metal supply chain.”

• Cobalt Institute

Tom Fairlie, Senior Sustainability Manager: “Transparent communication and interpretation of Product Carbon Footprint (PCF) results is of critical importance for accurate reporting of greenhouse gas emissions. The Cobalt Institute’s PCF guidance provides all stakeholders involved in cobalt value chains with a standardised and robust approach to calculating the climate change impact of cobalt products and is aligned with current regulatory and industry initiatives.”

• Codelco

Nicole Porcile, Vice President of Corporate Affairs and Sustainability: “Codelco wants to become a pillar of sustainable development for Chile and the world. In the spirit of transparency and trust-building, we are proud to share our ESG Commitments on the LMEpassport platform. This platform provides us with an opportunity to voluntarily offer additional valuable information on a range of ESG issues, including Environmental Goals (carbon footprint, circular economy, etc.), Social Management, and other relevant topics.”

• Extractives Industry Transparency Initiative (EITI)

Mark Robinson, Executive Director: “The EITI’s inclusion in the governance pillar of the LMEpassport is an important step towards transparency in mineral supply chains. Project-level data is essential for companies reporting on the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas. National EITI multistakeholder groups can also serve as a forum where governance risks can be identified, and where civil society, government and companies can work together to address them.”

• Freeport-McMoRan

Andrea Vaccari, Director Responsible Production Frameworks & Sustainability: “We are encouraged by the uptake and continued development of LMEpassport. The expanding list of allowable disclosures and participating companies will support well-informed decision-making by downstream supply chain actors and also reinforce our industry’s commitment to responsible production.”

• Global Reporting Initiative (GRI)

Bastian Buck, Chief Standards Officer: “The inclusion of GRI Standards in the LMEpassport is a welcome development for reporters and information users alike. The GRI Standards are already widely used by companies in the sector, and the information reported allows stakeholders to comprehensively assess a company’s impacts on sustainable development, including risks and opportunities related to those impacts. Robust reporting on how companies identify, cause, and manage their impacts is crucial for securing a license to operate and allows for meaningful engagement to improve performance.”

• Responsible Minerals Initiative (RMI)

Jennifer Peyser, Executive Director: “We are very pleased that facilities using the Risk Readiness Assessment (RRA) Criteria will be able to give visibility to their sustainability credentials via the LMEpassport. This aligns with the RMI vision of enabling supply chain actors to report on their performance through consistent and credible data and metrics. The upcoming Version 3.0 of the RRA takes a further step in that direction as it applies to the entire value chain and generates comparable data from mine through metal processors and manufacturers to recyclers.”

Notes to editor

• For more information about LMEpassport and the LME’s sustainability strategy, please visit our website.

Media Contacts:

Miriam Heywood
miriam.heywood@lme.com

Andrea Blumire
andrea.blumire@lme.com

SOURCE: London Metal Exchange