Global mining and metals executives rank environment, social and governance , geopolitics and climate change as the top three risks facing their business over the next 12 months, a survey by consultancy EY has found.
While mining and metals companies are integrating ESG factors into corporate strategies, decision-making and reporting, survey respondents continue to rank ESG issues as the number-one risk to their business.Respondents list water stewardship , decarbonisation and green production as the top issues they expect will face the most scrutiny from investors.
Respondents ranked geopolitics as the second business risk – up from fourth last year. Resource nationalisation is seen as the top geopolitical factor likely to impact on operations, as governments seek to fill revenue gaps after spending throughout the pandemic and capitalise on higher commodity prices through new or increased mining royalties.
Climate change is seen as the third top risk. EY says that mining companies have become progressively better at managing climate change, but there are still opportunities to improve. For example, not enough miners are taking action to minimise the physical risks of climate change, such as wildfires and flooding, which may threaten operations.
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