The Objective
As a lithium explorer with assets in the Pilbara and the Goldfields, Global Lithium Resources wanted to develop an ESG strategy that aligned with its stakeholder and regulatory priorities while keeping pace with its projects’ growth. The company’s flagship asset, the Manna Lithium Project, is the second largest lithium resource in the Kalgoorlie area.
Futureproof worked with the team to implement an appropriate sustainability program, ensuring it was well positioned to meet its objectives, as well as future ESG due diligence supply chain requirements.
The benefits of integrating sustainability into a project from the outset and building it up gradually is a more strategic approach, as opposed to a ‘rushed retro-fit’ which can be challenging to implement when processes and plans are not in place.
The Work
After comparing industry best practice, Futureproof conducted a stakeholder mapping exercise and a materiality assessment to identify the company’s most important material topics. A double materiality approach was recommended, defining the ESG topics with the greatest impact on Global Lithium’s financial performance, as well as the impact of the business on its stakeholders, including Traditional Owners, regulatory authorities, investors and local communities.
The company adopted the Global Reporting Initiative (GRI) Standards and the UN Sustainable Development Goals as frameworks for its information disclosure.
Another important step was to incorporate sustainability within Global Lithium’s corporate governance framework. A Board-level Sustainability Committee was formed to oversee the company’s sustainability strategy and any material ESG impacts, including climate change. The Committee and project team developed a Sustainability Charter and several environmental and social policies.
The Result
Global Lithium released its inaugural sustainability report within its Annual Report in FY23, setting a benchmark for future reporting. The report integrated all the elements of its ESG program, including its sustainability governance structure and its busy community relations program with milestones from its engagement with Traditional Owner communities, the Kakarra and the Nyamal People. Carbon emissions were also disclosed for the first time, a key requirement of Australia’s proposed mandatory climate reporting standards.
Now in its second year of reporting, Global Lithium will continue to expand its ESG reporting scope ahead of the completion of its Definitive Feasibility Study (DFS) later in CY24.
For more guidance on building an ESG program, chat to a Sustainability Consultant today.
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