Commodities
Mining for a Sustainable Future: Balancing Critical-Minerals Industry Growth with Environmental and Social Responsibility
By Mike Dunn
September 2, 2024
The Australian government must work with all stakeholders to ensure that critical- mineral mining is done in a sustainable and responsible manner. This includes setting high governance standards, limiting environmental and social effects, and ensuring that the benefits of mining are maximized while minimizing the harms.
One key aspect of improving governance standards in critical-minerals mining is addressing the environmental impact of mining operations. Australia must mine in a way that minimizes pollution and reduces its impact on biodiversity. The UN has identified climate change, biodiversity loss, and pollution as three major challenges facing our planet, and it is crucial that Australia takes steps to mitigate these impacts.
In addition to reducing pollution, Australia must also consider no-go zones for mining activities. For example, deep-sea mining could have harmful environmental impacts that need to be carefully considered before allowing any operations to proceed. Similarly, areas of prime agricultural land should be protected from mining activities to ensure food security for future generations.
Social effects of critical-minerals mining can also be mitigated by developing better relationships with First Nations people who have rights over traditional lands where many mines are located. By engaging with local communities and offering mutually beneficial economic opportunities, miners can improve their social license to operate while contributing positively to renewable energy production efforts.
Australia should also invest in research and development of new technologies that can limit the environmental impact of critical- mineral mining. The Future Made in Australia Act focuses on encouraging private investment in new technologies such as AI that can reduce costs, increase efficiency, and minimize harm related to water use and hazardous waste disposal.
To address the trade-offs between the benefits and harms of critical- mineral mining for renewables, all stakeholders must be involved in decision-making processes. This includes not only national governments but also private sector investors, civil society organizations such as NGOs, and human rights advocates who can help broker acceptable standards for responsible mineral extraction.
By working together with all stakeholders involved in the critical mineral industry—including government agencies, private companies, NGOs, and human rights advocates—Australia can ensure that its expanding industry is conducted responsibly while maximizing its potential benefits for renewable energy production. It's time we take action now before it's too late!
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