The International Resource Panel highlights in its Mineral Resource Governance in the 21st Century Report that the mining sector, if carefully managed, presents enormous opportunities for advancing sustainable development, particularly in low-income countries.
Resources, including minerals and metals underpin our economies for almost all sectors providing crucial raw materials for their industrial processes. Despite efforts to decouple economies from resource use towards a circular economy, demand for extractive resources will continue to grow on the back of emerging economies.
The report maps existing international governance frameworks and initiatives which have overlapping subsets that focus on delivering the 2030 Global Agenda for Sustainable Development. It presents the practical actions required to improve the international governance architecture for mining to enhance its contribution towards sustainable development. It calls for a new governance framework for the extractive sector referred to as the “Sustainable Development Licence to Operate” which includes consensus-based principles, policy options and best practices that are compatible with the Sustainable Development Goals and other international policy commitments.