The new TSM Climate Change Protocol is a tool to support companies in integrating climate change considerations in their operations. The protocol is comprised of three performance indicators: corporate climate change management; facility climate change management; and facility performance targets and reporting. It will be phased in over the next two years, with public reporting scheduled to begin in 2023.

The TSM Climate Change Protocol is a major update to the TSM Energy Use and GHG Emissions Management Protocol, which was first introduced in 2013. It improves upon the TSM Energy Use and GHG Emissions Protocol in several important ways, including:

• Stronger requirements for energy use and greenhouse gas (GHG) emissions management, performance, and reporting at the facility level, setting a new bar for best practice;
• A new indicator on climate change management at the corporate level to support companies in responding to the Recommendations of the Task Force on Climate-Related Financial Disclosures and in setting ambitious targets and actions in line with the goals of the Paris Agreement, including commitments related to net-zero emissions by 2050 (at Level AAA); and
• Addressing climate change adaptation through incorporation of new requirements for facility-level management of physical climate-related risks and adaptation measures.

Pierre Gratton, president and CEO of MAC, said: "We are committed to being a constructive partner in the fight against climate change. TSM has a proven track record of driving positive change in Canada's mining industry and this new protocol ensures that we will continue to adopt leading practices related to climate change mitigation and adaptation."

He noted that mined materials are required inputs for green technology, like electric vehicle batteries, wind turbines and solar panels, and that it is critical that these minerals and metals be responsibly sourced with the smallest GHG footprint possible. He added: "As an energy intensive industry, we know we have an important role to play in lessening our carbon footprint, and this new TSM protocol is intended to help our members do just that."

TSM was the first mining sustainability standard in the world to require site-level assessments and is mandatory for all MAC member companies' Canadian operations. First launched in 2004, TSM is a globally recognised sustainability programme that supports mining companies in managing key environmental and social risks. Through TSM, eight critical aspects of social and environmental performance are evaluated, independently validated, and publicly reported against 30 distinct performance indicators.

Gratton said: "Climate change is an issue that matters to all of us. Minimising our industry's environmental footprint also makes good business sense as investors are looking for companies to disclose how they are managing climate-related risks and considering these risks in their business strategies. This new protocol requires companies to make commitments, set targets and take action consistent with the ambitions of the Paris Agreement and, at higher levels of performance, make commitments corresponding with the societal ambition to achieve net-zero emissions by 2050."