Gold Mining and ESG
In recent years, we have seen increased focus from a growing number of consumers and investors on environmental, social and governance (ESG) factors and the sustainability of our planet. An increasing number of consumers and investors want to understand if the products they buy have been responsibly produced and sourced and if they contribute to societal progress.
We firmly believe that responsible gold mining supports sustained socio-economic development in the countries and communities where gold is found. It creates well-paid jobs, valuable tax revenues for host governments and generates sustained benefits for local communities. In addition, there is a credible pathway for the gold mining industry to decarbonise and reach net zero by 2050, in alignment with the Paris Agreement.
Gold also plays an important role in supporting technologies that enable our daily lives, as well as supporting the transition to a low carbon economy. There is increasing evidence that including gold can make investment portfolios more robust and resilient in light of climate risks.
Responsible Gold Mining
The WGC and our Members believe that it is important for investors, consumers and other stakeholders to understand that the gold they purchase has been ethically and sustainably sourced.
In 2019, we launched the Responsible Gold Mining Principles (RGMPs) - a framework that sets out clear expectations for consumers, investors and the gold supply chain as to what constitutes responsible gold mining. Developed with our Members, and through extensive stakeholder consultation, the RGMPs comprise 51 principles that address all material environmental, social and governance issues for the gold mining sector. Conformance with the RGMPs requires public disclosure and external assurance by an independent assurance provider.
Gold's contribution to society
The WGC has long believed that responsible gold mining supports sustained socio-economic development in countries and communities that host gold mining operations, through its contribution to jobs, tax revenue and investment in local communities. The gold industry makes a meaningful contribution to the UN’s Sustainable Development Goals. Gold itself also plays a critical role in supporting societies’ needs and is considered important across cultures globally. It is deeply understood and recognised as a source of financial security and is critical to numerous technological and healthcare applications.
Gold and Climate Change
The World Gold Council and its members recognise that climate change imposes very substantial risks to the global economy and socio-economic development. We also believe that gold has a role to play in addressing these risks.
In order to provide a greater understanding of the role that gold and the gold mining industry can play, we have undertaken a programme of research, in collaboration with leading sustainability experts and academics. This research looks at the current emissions profile of the sector and the opportunities for decarbonisation in the gold sector, as well as the important role that gold can play in helping investors build portfolios that are more resilient in the face of climate impacts.
Artisanal and Small-scale Gold Mining
The World Gold Council and our member companies support the responsible mining and trading of gold from all legitimate sources, including artisanal and small-scale mining (ASM). The responsible development of gold resources both through large-scale mining (LSM) and ASM, especially when coupled with sound governance, has the potential to deliver broad social and economic benefits to individuals, communities, and countries.
