Comet Resources Ltd (ASX:CRL) has followed the path of several other small cap explorers this year in adopting an Environmental, Social, and Governance (ESG) framework.
CRL will adopt 21 core metrics and disclosures created by the World Economic Forum (WEF)1 which will used to disclose its status and progress towards meeting its ESG goals.
All milestones met will be reported in CRL’s quarterly and annual reports.
The company will chart a course to build resilience and enhance its social licence through a greater commitment to long-term, sustainable value creation that embraces the wider demands of people, planet and shared prosperity.
Comet is falling in line with the expectations now placed on companies in relation to climate impact, nature loss and social unrest around inclusion and working conditions.
ESG at forefront of decision making
“I’m pleased to announce that Comet has adopted a universal ESG framework to measure and report our ESG performance,” managing director Matthew O’Kane said.
“This will ensure ESG is at the forefront of our decision making moving forward as we execute our exploration programs on our portfolio of projects.
“With the global push towards implementation of ESG best practices, our adoption of the WEF ESG framework will ensure that the mineral exploration activities we undertake are done in a manner that addresses the needs and concerns of all stakeholders, and the world in which we operate.”
ESG reporting a growing trend
Global sustainable investment now tops $30 trillion, up 68% since 2014 and tenfold since 2004.
As such, it has been an imperative of many companies to adopt ESG practices to meet investor expectations.
CRL has adopted the WEF ESG framework and instructed management to set up an impact measurement plan for each sustainability area including governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments among others.
To ensure it can measure, monitor, and report on its ESG disclosure progress, CRL has engaged impact monitoring technology platform Socialsuite to streamline the disclosure and ongoing ESG reporting process.
Socialsuite will set CRL’s initial ESG baseline via its ESG Go technology, including a tailored action plan with a focus on delivering and reporting ongoing progress of its ESG metrics.
CRL will now seek to ensure that its investments have a positive impact for shareholders and local communities.