April 30, 2024

Unearthing a Greener Future: Digging Deeper into Effective Climate Governance in the Canadian Mining Sector

Major mining companies are facing climate-related risks and opportunities such as floods, fires, droughts, policy and regulation adjustments, market shifts, and technological adaptations. Directors of major mining companies have a fiduciary duty to be cognizant of these risks and opportunities and to act on them with care, skill, and diligence. This includes being continually aware of current and future obligations under the law in areas of disclosure and climate governance.

Dependable board oversight, integrated climate strategies, adequate risk management, honest targets and metrics, and consistent and comparable disclosures should now be a usual part of business for mining companies in Canada. While major mining companies have already implemented considerable climate governance practices and sustainability initiatives, stagnation is not an option. Major mining companies are well placed to accomplish more in their journey to net-zero and sustainability. This guide recognizes five key areas where major mining companies can progress to the next level of climate governance.