Sustainability Standards and Assurance Schemes Position Paper
In 2023, Cobalt Institute launched a dialogue on Sustainability Standards and Assurance Schemes (‘Standards’) across the cobalt value chain: industry (upstream, midstream and downstream companies), government, civil society, and standard-setting bodies. In total, we engaged with over 70 stakeholders through bilateral interviews and four roundtables convened in Paris, Washington, D.C., London and virtually.
This dialogue aimed to better understand the different needs and expectations regarding Standards and help us collectively move to a better understanding of how best to employ them to achieve more impact with their implementation. In parallel, this process provided an opportunity to renew constructive dialogue between all stakeholders.
Informed by our dialogue, and in close collaboration with our members, we have developed a Sustainability Standards and Assurance Schemes Position Paper. A preview of our Paper was shared with stakeholders in a partner session held at the 2024 OECD Forum for Responsible Minerals Supply Chains in Paris last month.
Rather than seeking to define a new Standard, our Paper provides Cobalt Institute’s position on Standards and in the cobalt value chain, with consideration for the minerals sector more broadly. It articulates our perspective on what makes a credible Standard for the cobalt supply chain and the key opportunities and challenges in implementing them. The paper also identifies a series of recommendations for different actors to continue to advance this dialogue and strengthen the outcomes of Standards.
Our Position
THE COBALT INSTITUTE IS SUPPORTIVE OF SUSTAINABILITY STANDARDS AND ASSURANCE SCHEMES THAT ARE:
- Designed to meet the needs of all cobalt supply chain actors and stakeholders
- Governed through balanced multi-stakeholder structures
- Credible, ambitious, practical, and implementable
- Aligned with international authoritative frameworks
WE SEE SUCH STANDARDS AS A VALUABLE TOOL FOR DRIVING IMPROVED ACTION IN A COMPANY’S OPERATIONS AND ACROSS THE SUPPLY CHAIN.
WE ENCOURAGE ALL STAKEHOLDERS TO SUPPORT A LANDSCAPE OF SUSTAINABILITY STANDARDS AND ASSURANCE SCHEMES THAT ENABLES ALL COMPANIES IN THE COBALT VALUE CHAIN GLOBALLY TO PROGRESS IN ALIGNMENT WITH EVOLVING REGULATIONS AND EXPECTATIONS.
Cobalt Institute is committed to and looks forward to continuing to promote further constructive dialogue and collaboration on Standards between value chain actors, government, civil society and standard-setting bodies. We offer our knowledge and expertise on cobalt for the development of relevant Standards, guidance and legislation.
For further information, please contact Susannah McLaren, Head of Responsible Sourcing and Sustainability at Cobalt Institute: smclaren@cobaltinstitute.org.
