BAKU, Azerbaijan, March 28. Environmental, social, and governance (ESG) criteria for the mining industry will be a pre-condition to devote money to that, Christian Bruch, President and CEO of Siemens Energy said during the International Energy Agency (IEA) ministerial, Trend reports.
“We all agree that there is an unprecedented requirement for materials seeing the energy transition. But no country can do it alone. What is really needed is the end-to-end strategy by countries. This strategy needs to reveal a risk profile which is lower than our risk profile today in some energy dependencies, which also means that we need to coordinate supply chain internationally so that we avoid everybody does the same at the same time. Because at the end we need to understand how we connect countries in the need. Sometimes it is not just minerals, sometimes it can be the scarcity of human resources when we get into implementing,” he said.
Bruch believes that one key element on the demand side will be also sharing more information, making it transparent.
“We need to think about tax incentives in the upstream sector, and how do we build global market champions in this industry who can really compete. Coordination element is critical and ESG (Environmental, social, and governance) criteria for the mining industry will be a pre-condition to devote money to that,” he said.
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