Sustainability and Responsible Sourcing Report 2023
Chapter 1: Message from the CEO
This year marks a significant milestone for LBMA as we proudly launch a three-year Sustainability strategy, specifically targeting climate issues and the UN Sustainable Development goals.
This strategy is in alignment with the Industry Sustainability Declaration, which was jointly launched in Lisbon in 2022.
With the release of this year’s Sustainability and Responsible Sourcing Report, we publicly commit to our new strategy as well as reporting on the Responsible Sourcing performance of LBMA, assurance providers and Refiners over the past year.
A COALITION OF THE WILLING
Sustainability is a pivotal challenge that will shape the future success of the precious metals industry. LBMA is taking a leading role by coordinating the industry to identify and implement best practices, with the ultimate objective of positioning precious metals as part of the solution, not the problem.
Our three-year Sustainability and Responsible Sourcing Strategy reflects our commitment to promoting responsible and sustainable sourcing practices in the precious metals sector. Moreover, we aim to address emerging sustainability issues in the market, focusing on climate, biodiversity and other UN Sustainable Development Goals. Emphasising the urgent need for a coalition of the willing, this strategy acknowledges the importance of collective efforts to achieve real solutions.
Regarding the Responsible Sourcing Assurance Programme, we have achieved significant milestones, including the imminent launch of the second version of the Responsible Silver Guidance and the establishment of an Artisanal and Small-scale Mines (ASM) Task Force. Furthermore, we have applied for EU Recognition of Responsible Gold and have successfully reviewed Assurance Reports and monitored Refiners through our Incident Review Process.
This report includes published Country of Origin information, along with enlightening case studies of special audits and incident review processes.
Ruth Crowell, LBMA CEO
LBMA IS TAKING A LEADING ROLE BY COORDINATING THE INDUSTRY TO IDENTIFY AND IMPLEMENT BEST PRACTICES, WITH THE ULTIMATE OBJECTIVE OF POSITIONING PRECIOUS METALS AS PART OF THE SOLUTION, NOT THE PROBLEM.
RUTH CROWELL, CEO (LBMA)
COLLABORATION DRIVES COLLECTIVE EFFORTS
Beyond our commitment to operating a robust Assurance Programme for the global industry, this year has seen successful collaborations with International Bullion Centres (IBCs) to combat gold laundering and protect the value of the gold we all treasure. Dealing with the challenges posed by Russian gold sanctions has been demanding, but it has also spurred progress and consensus on our technology and transparency initiative, Gold Bar Integrity.
In addition to working closely with banks, ETFs and other financial market players, we are working to enhance and define ESG criteria such as ‘low carbon’, ‘transition aligned’, ‘Recycled Gold’ and ‘green gold’. Our aim is to create clear definitions and develop the financial market infrastructure that our esteemed Members and their clients seek. This year’s Sustainability and Responsible Sourcing Report provides extensive context to these workstreams and more, backed by data and evidence. We encourage you to delve into the report to discover the progress and impact we have achieved through our collective efforts.