LBMA Sustainability and Responsible Sourcing Strategy 2024-2026
LBMA is committed to ensuring that sustainability is an integral part of the precious metals industry This is why LBMA is to take a leading and proactive role in coordinating the industry to identify and implement best practice, with a sense of urgency, and with the objective of establishing precious metals as part of the solution, not part of the problem.
To deliver on that commitment, we have developed this Strategy, which continues to improve our core sustainability activities, such as responsible sourcing of gold and silver, while also addressing new and emerging sustainability issues in the market. Our intention is that, throughout 2023-2025, we will:
- maximise our positive contribution to sustainable development; and
- minimise any adverse Environmental, Social and Governance impacts of gold mining, refining, trading, and other market practices.
The Strategy is guided by our core values of promoting transparency, meaningful stakeholder engagement, market integrity, and resilience, which are also integrated into the five focus areas identified below. Whilst all sustainability issues are important, the Strategy necessarily prioritises issues based on the feedback from stakeholders, the market, and international standards of responsible business conduct developed by the OECD and UN. We also recognise that members have programmes and strategies in place as part of their own commitment to advancing the sustainability agenda. This Strategy seeks to complement the efforts that are already being undertaken, as well as guide those that are in the process of developing their own programme of work.
There are three fundamental approaches that underpin the Strategy:
- Coalition of the willing → come together to commit to deliver.
- Adapt and define best practice → what needs to change.
- Proportional and measured implementation → how to affect those changes.