The World Economic Forum’s Mining and Metals Industry community is a high-level group of peers dedicated to ensuring the long-term sustainability of their industry and value to society.
The Mining and Metals Governors comprise chief executives and chairs from partner organizations who define the industry agenda. The Governors have identified three priority challenges for the industry:
· Industry transformation
The profit pool for commodities will likely change significantly by 2030. Companies will need to adapt their business models to stay relevant, competitive and sustainable in a lower-carbon economy. The Forum is addressing these challenges through relevant platforms, initiatives, projects, events and activities.
· Cross-industry partnerships
The industry must form new models of partnerships with other industries and key clients to operate effectively and achieve its potential. Changing downstream demands regarding sustainability, responsibility and traceability, paired with water scarcity, infrastructure issues and the need for reskilling workers require cross-industry solutions beyond corporate social responsibility and industry-specific projects.
· Industry positioning
The mining and metals industry is one of the building blocks of the Fourth Industrial Revolution. Yet, a changing stakeholder and policy landscape coupled with an unfavourable perception of the industry put permitting processes and the license to operate at risk, is increasing the cost for talent acquisition, igniting socio-political tensions and raising questions in the investor community. The industry needs pioneering public-private collaboration to change this perception.
· Mission Possible: Reaching net-zero carbon emissions from heavy industry and heavy-duty transport sectors is technically and financially possible by mid-century. Mission Possible explores possible routes to fully decarbonize cement, steel, aluminium, plastics, trucking, shipping and aviation – which together represent 30% of energy emissions today and could increase to 60% by mid-century as other sectors lower their emissions.
· The Mining and Metals Blockchain Consortium is an industry-led research and development of blockchain solutions to catalyse and accelerate responsible sourcing, innovation and enhanced brand image. This project emerged following a desire from the Mining and Metals Community to collaborate around blockchain technology to address responsible sourcing related pressures.
· Preparing for the Future of Work seeks to bring clarity to an often polarized and ill-informed debate on the future of work through the dissemination of accessible, balanced and sector-specific knowledge as well as the development of actionable insights to help business and governments manage these dramatic shifts. (Joint collaboration with the ICMM.)
· Future of ESG Financial Materiality: The industry is facing growing environmental and social pressure in a complex regulatory and stakeholder landscape. The nature of ESG is changing and risks have become strongly intertwined with economic, competitive and technological change. It is crucial to anticipate the financially material ESG issues of the future and assess how corporate strategies, business models and valuation should be tailored. Through a proactive approach, companies can identify opportunities while managing longer-term risks.
· Advanced Manufacturing Lighthouses: A programme that identifies production sites which are world leaders in the successful adoption and integration of the cutting-edge technologies of the Fourth Industrial Revolution. It promotes collaboration, benchmarking and unique learning journeys. CxO Digital Workshops bring together groups of COOs, CTOs and CDOs to hear first-hand how new 4IR-powered business models and E2E connected value chains transform manufacturing and supply chains at scale.
· The Global Battery Alliance aims to achieve the inclusive, innovative and sustainable battery supply chain needed to power the Fourth Industrial Revolution. It will do so by forming a public-private coalition, which will scale and accelerate existing efforts to achieve sustainable batteries, and develop policy recommendations.
For more information, please contact Jörgen Sandström, Head of Mining and Metals Industry (Jorgen.Sandstrom@weforum.org)