CGI Russia has presented its report on the Climate Agenda of Russian Metals and Mining Companies: Management System, Strategy and Risks. A total of 75 metals and mining companies from 19 countries were surveyed for the report, which drew the following conclusions:
- One third of Russian mining companies cover more than 80% of their energy needs with renewable sources
- Local players are increasingly using natural gas (making up at least 70% of total consumption)
- 50% of Russian mining companies have publicly announced climate strategies
- 70% of Russian mining companies have taken measures to identify climate risks
- Russian companies are increasingly noting plans for Science Based Targets initiative (SBTi) validation in their climate goals, and have become more active in engagement with global climate associations, often putting them ahead of their international peers
The survey was undertaken to evaluate the maturity level of metals and mining companies in terms of incorporating a climate agenda into corporate governance. Separate parameters factoring in the Carbon Disclosure Project (CDP) and Task Force on Climate-related Financial Disclosures (TCFD) initiatives were selected as evaluation criteria. Against this background, indicators such as actual greenhouse gas emissions, use of renewable energy and low-carbon energy sources were also considered.
The analysis presents the overall position of the Russian metals and mining sector, in particular:
- Position vs. global peers
- Corporate governance
- Strategy
- Risk management
- Metrics and climate goals
The results of the analysis demonstrate that Russian metals and mining companies are addressing climate agenda issues comprehensively through effective corporate governance and actual emission reduction measures, in line with or sometimes ahead of best practice global trends.
The survey was supported by Deloitte CIS, an intellectual partner of CGI Russia Forum and a leader on the sustainability advisory service market.
Data for analysis was provided by financial analysts and IT specialists from Exerica (UK), an analytical partner of CGI Russia, offering AI solutions for financial and statistical data analysis.
Polyus, as the main strategic partner of CGI Russia, was the first Russian miner to support the initiative and this survey. Polyus is a strong advocate of the climate agenda in Russia.
Company information
CGI Russia
Climate Governance Initiative, Russia (CGI Russia) is a local chapter of the World Economic Forum Climate Governance Initiative. CGI Russia is a platform for board members developing competences required for efficient business management and successful integration of the climate agenda into their corporate management system. Fifteen countries including Russia are members of the Global CGI platform. In the near future CGI plans to unite all G20 countries as well as major emerging markets players.
Deloitte CIS
With over 300,000 employees, Deloitte has grown to be one of the largest professional services firms worldwide with a presence in over 150 countries. Deloitte offers unrivalled depth, breadth and quality of professional expertise to serve the needs of clients across various industry sectors.
Deloitte CIS is one of the leading international professional services firms that offers audit, consulting, corporate finance, enterprise risk, and tax and legal services leveraging professional experience of approximately 3,700 employees in 20 offices of 11 countries across the region. Today, Deloitte has offices in Moscow, St. Petersburg, Ufa, Yekaterinburg, Yuzhno-Sakhalinsk, Novosibirsk and Vladivostok (Russia), Kyiv (Ukraine), Minsk (Belarus), Tbilisi (Georgia), Baku (Azerbaijan), Aktau, Almaty, Astana and Atyrau (Kazakhstan), Bishkek (Kyrgyzstan), Tashkent (Uzbekistan), Dushanbe (Tajikistan), Ashgabat (Turkmenistan) and Yerevan (Armenia).
Polyus
Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore Reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia)
Exerica
Exerica is a developer of unique AI solutions in the field of financial and statistical documents analysis (UK).