Back from Baku - news from our COP29 correspondent

The World Gold Council chooses to primarily focus its time and efforts at COP on these events, particularly the latter (#WCS2024), as they typically offer a far more concentrated and focused set of discussions and engagement opportunities, when compared to the vast cacophonous environment of the UNFCCC's Blue Zone. I did, however, venture into this colossal and chaotic space, which not only hosts the official negotiations, but also houses a vast array of national pavilions and civil society groups and NGOs. I admit that usually I get lost among the many hundreds of stages and speaking platforms in the Blue Zone, but this year I managed to navigate my way round and find my intended destinations without too much hassle. And I was glad I did.

Whilst there, I was invited to attend panel discussions on the role of international standards and customs authorities in advancing a decarbonising economy, and mining industry perspectives on the relationship between sectoral sustainability standards and the secure supply of critical minerals. I also had helpful conversations on the scope and development of ISO's coming Net Zero standard (which I will be following up on to explore its further implications for the #gold supply chain). Finally, I met with research experts to consider new approaches to assist downstream gold market participants in arriving at firmer and clearer estimates of their carbon profiles. All of these were helpful, and this is one simple benefit of being at COP - the sheer volume of expertise at hand.

That said, and as pleased as I was to spend a day or two in the Blue Zone (courtesy of our friends at the ICMM and ISO), I can only applaud those that survive the full two weeks of COP and emerge with clarity of mind and purpose intact. Maintaining the ability to hear the 'signal' against the competing barrage of 'noise' from so many divergent perspectives and opinions is quite a challenge.

One opinion that was voiced by some old hands at the UN, and which I may have alluded to above, was the nature of the wide range of participants that now attend or 'surround' COP, with accusations that some attendees represent interests (fossil fuel producers) that run counter to the overall objective of proceedings. There is, therefore, something to be said for the idea that COP hosts should strive to ensure a clear level of credibility and commitment to the UNFCCC goals (and the Paris Agreement) in the organisations they invite to attend and participate. But I also think that a very strong case can be made for ensuring that the event continues to attract a healthy and diverse set of what are typically referred to as 'non-state actors' (or 'non-Party stakeholders') - that is, companies, investors, city leaders, and civil society organisations. I suggest that these entities, if not integral to COP proceedings, should have established channels to make their voices clearly audible to government delegations as they haggle over their commitments or make pleas for greater assistance. In my opinion, institutional investors and responsible business leaders have been pivotal in driving the global climate agenda forward, showing leadership when governments have all too frequently stalled, prevaricated, or flip-flopped on climate actions.

This perspective underpinned some of the points I tried to articulate on the stage and at a dedicated briefing session hosted by the WGC at the World Climate Summit. Even when UN Parties can come to agree on high-level policy objectives and funding commitments to facilitate mitigation and resilience solutions, there is often a gap regarding how these agreements translate into 'real-world' actions. More specifically, the world is often left pondering how and who will implement the called-for solutions 'on the ground' at particular locations - i.e. where solutions are most needed but also often least accessible.

I was pleased, therefore, to be able to point to many of the examples of our member companies at the WGC; forward-thinking gold mining companies who, in seeking to decarbonise their operations, are often the first movers and major catalysts in bringing renewable energy to locations where it would otherwise not exist. Similarly, they often act to build local resilience while, increasingly, extending their plans to consider collaborative community-focused solutions and protective measures for surrounding ecosystems. These actions are of real consequence in impacting how local people, at and well beyond mine-sites, experience climate change. I illustrated my comments by offering practical examples of progress from two member companies - Sibanye Stillwater and Torex Gold; both very different, but both demonstrating a consistent pattern of action to advance decarbonisation, and nature and community resilience.