Why has the Council on Ethics chosen to work with the mining sector?
According to the International Energy Agency, the annual demand for transition minerals will triple by 2050. The mining sector can create lasting value for communities by strengthening local economies and delivering improved infrastructure. At the same time, these minerals are often found on or near indigenous peoples’ lands, in areas with water scarcity, sensitive ecosystems, or in jurisdictions with weak governance. When not managed responsibly, significant risks can arise for people and the environment – and, as a result, for companies’ ability to operate.
Why is the mining sector important for the AP Funds?
The AP Funds have few mining companies in the portfolios, but the indirect exposure to the global mining sector is significant. The dependence on the sector is substantial for sectors, such as energy-, technology- and defence. At the same time, mining operations involve serious sustainability risks, and the sector is overrepresented when it comes to controversies related to, for example, human rights. What happens at the mining stage is important both for mining companies and for companies further up the value chain – and therefore for the AP Funds, both in the role as investors and as responsible owners.
How does the Council on Ethics work with the mining sector?
The Council on Ethics has long experience of engaging in the mining sector and this work continues actively during 2026, particularly through the project Global Investor Commission on Mining 2030, in which the Council on Ethics plays a leading role. During the year, the project will enter an implementation phase.
The Council’s work within the mining sector includes the following activities:
- Initiator of a global investor-led project (The Investor Mining & Tailings Safety Initiative) in order to identify and address the risks associated with mine tailings dams globally, following a number of serious incidents. The project, among other efforts, contributed to the establishment of a global industry standard for tailings dams (Global Industry Standard for Tailings Management – GISTM).
- Co-initiator to the project Mining 2030, which relates to the sector’s challenges in a broader sense. The aim is to define and promote a vision for a socially and environmentally sustainable mining sector and clarify the role of the financial industry in realising this vision. In November 2025, the Council on Ethics participated in an investor trip focused on the mining sector in Brazil, organised in connection with the UN PRI in Person conference. Key elements included meetings with mining companies and the presentation of Mining 2030 to President Lula and several ministers.
- As a part of the work within Mining 2030, the Council on Ethics helped organise roundtable discussions at the African Mining Indaba and Alternative Mining Indaba in Cape Town in February 2025. The discussions focused on how the mining sector can deliver benefits for local communities and how to reduce drivers of conflicts related to mining. The importance of joint action by the sector’s many stakeholders was also highlighted.
Further information about the Council of Ethics work with the mining sector can be found in the annual report.
