The London Bullion Market Association (LBMA) announced the initiation of the first public consultation on its new three-year Sustainability and Responsible Sourcing Strategy draft. Stakeholders and industry participants are invited to provide their feedback through a brief online survey, with a deadline set for Friday, 30th June 2023.
The precious metals industry faces a critical challenge in sustainability, and LBMA aims to play a proactive and leading role in coordinating the sector’s efforts. The primary objective is to establish precious metals as a part of the solution rather than contributing to the problem. LBMA recognises the importance of identifying and implementing best practices to ensure future success.
The draft strategy demonstrates LBMA’s unwavering commitment to advancing responsible and sustainable sourcing practices within the precious metals sector. It also expands the scope to address emerging sustainability issues, with particular emphasis on climate change, biodiversity, and the attainment of other UN Sustainable Development Goals.
Through the Responsible Sourcing Programme (RSP), LBMA has developed credible sourcing standards and assurance processes for Good Delivery Refiners since 2012. Since then, LBMA has expanded its scope on several occasions as demonstrated by the various iterations of the document that underpins the programme, the Responsible Gold Guidance. In 2019, LBMA made a significant strategic expansion to include Environmental, Social and Governance (ESG) issues. In 2022, following extensive consultation, LBMA published the Responsible Gold Guidance Version 9 and updated all of the connected guidance documents to provide support to GDL Refiners in the implementation of the programme and for enhanced Assurance Provider reporting.
The three-year Sustainability and Responsible Sourcing Strategy draft highlights the pressing need for collaboration among stakeholders, now more than ever, to achieve meaningful solutions. Hence, LBMA has launched this public consultation to engage industry participants and gather their valuable insights.