SEATTLE (Scrap Monster): The World Gold Council (WGC) announced that its members have committed to climate-related reporting, in line with the recommendations laid down by the Taskforce for Climate-related Financial Disclosures (TCFD).
The Council, in its Responsible Gold Mining Principles (RGMPs) launched in the year 2019, has already introduced a clear framework as to what constitutes responsible gold mining. All WGC members have already committed to implement the same and make a public disclosure in that connection within a period of three years. The new commitment to TCFD reporting further enhances the initiative.
The decision to adhere to TCFD reporting urges gold mining companies who are members of WGC to take strict action to combat climate change and report these actions in line with accepted standards. Incidentally, the reporting framework has emerged as the preferred method for embedding climate change into governance systems and a tool to disclose comprehensive information on these factors to investors and stakeholders, WGC press release noted.
Randy Smallwood, Chair of the WGC noted that the unanimous agreement to adopt TCFD reporting demonstrates the gold mining sector’s realization of the need for making vital progress on climate change.