Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) has been accepted as a participant member of the United Nations Global Compact – the world’s largest corporate sustainability initiative.
The stated mission of the global compact is to mobilise a global movement of sustainable companies to create a better world.
Enforcing human rights and sustainability
The board of IXR believes that all companies play a crucial part in enforcing human rights, using innovation to solve complex challenges while building a more sustainable world.
Ionic now plans to start reporting on its progress against the United Nations Sustainable Development Goals (SDGs).
This move will enable the company to consolidate environmental, social and governance (ESG) transparency, and to act on the United Nations’ Agenda 2030.
The Communication of Progress (CoP) is a voluntary action plan used by UN Global Compact participants to address an organisation’s impact on the prosperity of all people and the planet.
It’s one of the many programs of reporting and assurance that the company plans to conduct with respect to climate and environmental responsibility, social licence to operate, business innovation and ethical governance practices.
In a broader commitment to ESG reporting, Ionic Rare Earths will now embed the SDGs with other global standards to provide science-based reports on the company’s sustainable impact.
Delivering on the SDGs
The company has committed to aligning its corporate strategy and operations with the ten principles of the United Nations Global Compact, which consist of the SDGs and fall under four pillars:
- human rights;
- labour standards;
- environmental protection; and
- anti-corruption.
On receiving confirmation from UN Global Compact CEO and executive director Sanda Ojiambo that the company had been accepted as a participant, Ionic managing director Tim Harrison said the company was committed to working towards solving complex global critical raw materials supply challenges.
“Driving a net-zero carbon world”
“Our strategy is to provide global customers with an alternative, sustainable supply of magnet and heavy rare earth elements critical to driving a net-zero carbon world.
“Becoming a UN Global Compact participant demonstrates our commitment to shaping Agenda 2030.
“The SDGs will now be embedded in our company strategies, culture and day-to-day operations across our mining, future refining and recycling businesses.
“Our team is now focused on preparing our CoP to ensure change and transparency in reporting for the future prosperity of people and planet.
“As part of our broader commitment to ESG and value creation, Ionic Rare Earths is preparing an assurance program to report on the SDGs and other globally recognised frameworks for this financial year.
“The circular economy of rare earths will become increasingly more important over years to come.
“Demonstrating sustainable business practices and a commitment to ESG reporting of our activities will create value for our stakeholders, positively impact the social development in Uganda, and empower industries to become carbon neutral.
“We are looking forward to publishing our CoP and sharing this with all of our stakeholders in 2023.”