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VBDO is thrilled to announce that the inaugural meeting of our Investor Initiative on Responsible Nickel Supply Chains has taken place, marking a significant step forward in our collective mission. With 31 investors wielding a formidable US $2.7 trillion in combined assets under management, our message is clear: it’s time for the electric vehicle industry to incorporate environmental and social responsibility in its nickel supply chains.
Key highlights from our discussions include:
- Advocacy for robust responsible mining standards to be integrated into mineral supply chain policies.
- Urging companies to commit to deforestation-free nickel supply chains within a specified timeframe.
One of the newly-joined signatories is Legal & General Investment Management: “As a long-term steward of our clients’ assets, we want to ensure that climate, nature capital management and human rights are integral components of the EV transition. We look forward to working with VBDO, RFN and other investors on this important topic.”
As we embark on this journey, we recognise the pivotal role that critical minerals like nickel play in the transition to clean energy. However, we cannot overlook the concerning environmental and social impacts associated with nickel mining.
“Unless managed responsibly, the global demand for transition minerals may pose substantial risks to tropical forests and other natural landscapes. It is highly encouraging to see a group of investors work to address this potential risk to nature, and ultimately their portfolios. It is critical that the global energy transition does not come at the expense of sensitive natural ecosystems.” – Tim Steinweg, Head of Stewardship – Nature at the Principles for Responsible Investment (PRI)
The Investor Initiative on Responsible Nickel Supply Chains is a collaborative engagement, investor-led and civil society supported. VBDO and Rainforest Foundation Norway operate as facilitators and main knowledge partners.
Apart from new investors joining the initiative, IUCN NL has joined as a supporting organisation adding to the already exciting network of national and international NGOs and CSOs that support this initiative. IUCN NL is accompanied by organisations, including Earthworks, Transport and Environment (T&E), Mighty Earth, Madani Berkelanjutan, Auriga, Fern, Climate Rights International, Forest Watch Indonesia, Satya Bumi and AidEnvironment.
We are immensely encouraged by the investor and civil society support received for this initiative and are eager to continue this collaborative engagement. Together, we can drive positive change and pave the way for a more responsible nickel supply chain.
