Cobalt Institute Product Carbon Footprint guidance launches at LME Week 2023
The Cobalt Institute launched its new Product Carbon Footprint guidance at London Metal Exchange (LME) Week, the annual meeting of the global metals community in London.
“Determining the Global Warming Potential of Cobalt” provides all stakeholders involved in cobalt value chains with a standardised approach to calculating the climate change impact of producing refined cobalt metal (LME traded cobalt) and cobalt sulfate heptahydrate.
“Transparent communication around Product Carbon Footprint (PCF) results is critically important for accurately calculating greenhouse gas emissions,” says Tom Fairlie, Cobalt Institute Senior Sustainability Manager. “The Cobalt Institute’s PCF guidance provides all stakeholders involved in cobalt value chains with a standardised and robust approach to calculating the climate change impact of cobalt products and is aligned with current regulatory and industry initiatives.”
Launched at LME Week on 9 October, the guidance now forms part of the LMEpassport, the LME’s digital ESG data platform, helping provide the metals community with access to comparable, verified and wide-ranging sustainability credentials and data about global producers.
The passport stores essential provenance documents and information for traded metal, as well as showcasing a broad range of sustainability credentials, and forms a key part of LME’s sustainability strategy.
“The LMEpassport allows LME producers to upload sustainability information about their assets,” says Tom. “The passport brings more certainty, accessibility and transparency, and we’re pleased our guidance is contributing to this process.”
Georgina Hallett, LME Chief Sustainability Officer, says: “ESG data transparency and comparability are vital components in addressing industry level sustainability challenges.
“We’ve recently added 12 new sets of certifications, metrics and standards against which producers are able to disclose. Galvanising our industry to advance the global sustainability agenda is a core part of the LME’s strategic focus and we look forward to further collaborating with our industry partners.”