Assessment of sustainability topics

The process for integrating and implementing significant sustainability topics into our business incorporates all steps from identifying to improving the impact of our operations.

We have an internal process designed to annually review our material sustainability topics in response to our overall results, changing business requirements, changing stakeholder expectations, implementation of the SDGs, and technological and scientific progress. The process includes cross-disciplinary discussions and an impact analysis where multiple internal experts participate.

During the materiality assessment, important areas are set and strategic topics are defined and given as input to the Group strategy process. The strategic topics are validated by Group Management and the Board of Directors through the strategy plan and then integrated into the strategy work. The Business Areas develop activities and plans to achieve the Group goals.

Materiality assessment process

The identification and prioritization of our sustainability topics are based on our overall vision to be the most climate friendly and respected metal provider in the world.

The input to the Group materiality assessment includes the prioritization of the Sustainability topics by the Business Areas and Business Units through a GAP analysis, risk and opportunity analysis, stakeholder expectations, as well the conclusion of last year’s sustainability performance for each unit, and future needs and expectations. The output is focus areas for the coming years and identified strategic topics, which will be used to develop the Group Management strategy plan.

A Future Focus Report has been compiled, by an external consultancy firm, that projects how the world might look in 2030 and 2050 and what this may mean for Boliden’s business. The report predicted various indicators based on global drivers that are expected to shape the world in 2030 and 2050. These include shifting demographics, changes in natural environment and an increasingly inter-connected world. Based on how these global drivers are expected to impact the landscape for the metals and mining industry toward 2050, three global themes were selected:

• Low-carbon and circular society
• Workforce transition
• Sustainable finance

In the Group materiality assessment, opportunities and risks to Boliden’s business were identified for the three global themes and their drivers.

A low-carbon & circular society

Workforce transition

Sustainable finance

Each year, Boliden conducts interviews with its managers working with key stakeholders to identify which topics are important to them. These topics are then rated according to stakeholder insights and their influence on our business.

Every one of Boliden’s sustainability topics is important, but they are important in different ways and require different approaches for how we deal with them. For example, some already have thorough processes and procedures in place and are well managed at all our sites, whereas others that are of critical strategic importance require further attention to ensure that we get to where we want to be in 2030 and 2050.

Factors that can accelerate progress on sustainability for Boliden:

• Continue our efforts in reducing negative impact by focusing on green investment throughout the business to finance innovation and encourage the prioritization of new sustainability solutions.
• Focus on increased marketing and branding for Low-­Carbon metals.
• Improve sustainability competence through the business, by enhancing cross-functional ­interaction to ensure resource and knowledge.
• Strategic communications and proactive public affairs.

Identifying and prioritizing the most material topics within the context of Boliden’s sustainability work is an ongoing process. Sustainability brings a long-term perspective and is a long-term commitment, which means it is an integral part of our strategy and operations. The basis for sustainability work is that all our operations are conducted in accordance with legislative provisions and permits in the countries in which we operate. Our ambitions are, however, significantly higher than this and we work proactively by setting goals and guidelines that are fundamental to our operations from a sustainability perspective.

Management systems have been implemented in order to systematically control and develop our operations. The systems ensure that significant sustainability topics related to our operations are covered – to ultimately minimize the risks associated with mining and metals production. Our way of working also facilitates the adaptation to changing market conditions and preferences, while ensuring compliance with future legislation. 

Assessing and identifying sustainability topics also enables us to set relevant goals, and to track and improve our ­performance.