The British Standards Institution South Africa (BSI) is calling on mining organisations to tighten their ESG focus in order to meet global targets on sustainability
With just over five years left to meet UN Sustainable Development Goals (SDG17), the implementation and integration of an ESG framework in businesses are integral for long-term sustainability.
It is key for businesses to look at how their sustainable strategy is in line with ESG framework when planning for economic growth, resilience and success in the future. It is a legal requirement for organisations to ensure their ESG compliance, as well as investors being required to embed ESG factors into investment processes.
The BSI South Africa has been assisting organisations with solutions which not only ensure compliance, but also improve performance and embed excellence. Their global presence within 193 countries has seen them establish a compliance framework within a variety of industries and organisations.
BSI regional managing director, Theuns Kotze, said, “Compliance framework requires the inclusion of structures and processes to reduce and eventually eliminate non-compliance. At BSI we ensure this, and furthermore, will guide organisations through assessments of the efficiency of their current policies, practices, behaviours, and attitudes, and safeguard them form overlooking any gaps.”
In June 2021, the department of Mineral Resources and Energy recorded the highest growth rate in the first quarter – mining recorded 18.1% growth, contributing 1.2% to the overall 4.6% seasonally adjusted and annualised GDP. This was due to increased production in the PGMs, iron ore and gold.
“Mining companies need to set regular targets, have transparent progress reports and continuously refine their approach. Furthermore, they must demonstrate that they not only understand risks and opportunities of ESG but also display a commitment to addressing them in their day-to-day operations.
“To ensure continued investment in the mining industry and cement the industry’s contribution to the national economy, it is key to look at frameworks that ensure adoption and adherence to ESG strategy. It is important to note that ESG is not a once-off priority – it requires to be ingrained into the essence of the organisation’s strategy, planning and purpose,” added Kotze.