The United Nations Global Compact is the world’s largest corporate sustainability initiative with a mission to mobilise a global movement of sustainable companies to create a better world.
In a move to consolidate environmental, social, and governance (ESG) transparency, Ionic Rare Earths (ASX:IXR) will begin to report on progress of the United Nations Sustainable Development Goals (SDGs).
The Communication of Progress (CoP) is a voluntary action plan used by UN Global Compact participants to address an organisation’s impact on the prosperity of all people and our planet.
This is one of the many programs of reporting and assurance that IXR is undertaking with respect to climate and environmental responsibility, social licence to operate, business innovation and ethical governance practices.
Sustainable Development Goals embedded in operations
IXR managing director Tim Harrison says the company’s strategy is to provide global customers with an alternative supply of magnet and heavy rare earth elements, critical to driving a net-zero carbon world.
“Becoming a UN Global Compact participant demonstrates our commitment to shaping Agenda 2030.
“The Sustainable Development Goals will now be embedded in our company strategies, culture and day-to-day operations across our mining, future refining, and recycling businesses,” he explains.
IXR is now preparing an assurance program to report on the SDGs and other globally recognised frameworks for this financial year.
Circular economy becoming increasingly important
“The circular economy of rare earths will become increasingly more important over years to come,” Harrison adds
“Demonstrating sustainable business practices and a commitment to ESG reporting of our activities will create value for our stakeholders, positively impact the social development in Uganda, and empower industries to become carbon neutral.”
This article was developed in collaboration with Ionic Rare Earths, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.