By: Regina Maze
The international mining industry’s environmental impact is not new. However, with the rise of international scrutiny on climate change and global warming, what the industry can do to lessen its impact is changing. Consumers are demanding stronger commitments to the environment from producers, and producers are therefore requiring stronger commitments from their suppliers.
One such commitment the extractive industry can adhere to is implementing an ecolabeling regime for open pit mines mining critical minerals for consumer products. Ecolabels signal to customers that the environment is a priority for companies. However, with an ecolabel comes trade implications and concerns about accuracy. A nongovernmental organization should implement the ecolabeling regime to ensure credibility and monitoring while avoiding most of the concerns relating to restrictions on trade. This guarantees the mining industry does not just pay lip service to environmental sustainability.