Former New Zealand Prime Minister Helen Clark has delivered the keynote address on the opening day of the International Mining and Resources Conference (IMARC). Ms. Clarke highlighted the need for greater global transparency within the mining and extractive industry as the world transitions to renewable and greener forms of energy.
Given the rising cost of electricity globally, Ms. Clarke warned that the risks of getting the transition wrong would disproportionately affect the most vulnerable in society.
Ms. Clarke addressed the conference in her role as Chair of the Extractive Industries Transparency Initiative (EITI) and she flagged the difficulties in transitioning in a clean, just and sustainable manner.
“Most low-carbon technologies use far more mineral resources than its fossil fuel equivalent. The bottom line is the world needs more mining,” she said.
EITI will release their report on Transition Mineral Value Chains and the Role of Good Governance exclusively at IMARC on Thursday 3rd November. The report will set out a framework for actors at sub-national, national, and international level to engage in transparent and ethical mining.
“Half of the 700 critical mineral sites in the 57 countries EITI reports in impact conservation areas. 80% of those sites are located near or on the land of indigenous people or are of cultural significance,” said Ms. Clarke.
Since 2003, EITI has managed to disclose $2.95 trillion USD of revenue across 57 countries. This disclosure has provides the foundation for signatories to identify weaknesses, strengthen processes, and maximise the positive impact of the extractive industries within their region.
Global leaders will continue to collaborate on trends in mining, investment and innovation towards a sustainable future until Friday evening at the ICC Sydney.
