In an effort to bolster transparency and accountability, ABx Group has chosen to disclose its environmental, social, and governance (ESG) metrics using the Stakeholder Capitalism Metrics, a globally accepted standard set forth by the World Economic Forum (WEF). To further this initiative, ABx has enlisted the services of Socialsuite, a leading reporting platform tailored for ESG disclosures.
Mark Cooksey, the Managing Director and CEO of ABx Group, said in a press release that the move aligned with its wider ESG goals.
“In line with our mission to ‘deliver materials for a cleaner future’, we are steadfast in our commitment to ESG values. We’re set to begin revealing our ESG advancements benchmarked against the WEF’s Stakeholder Capitalism Metrics. With Socialsuite’s platform, we can provide standardized, comprehensive, and globally recognized ESG reports. This tool is instrumental in making the WEF framework user-friendly, and we will utilize it to convey our ESG accomplishments and chronicle our path towards solidifying our ESG standing.”
ABx Group’s core ESG initiatives revolve around two central projects:
- The development of a rare earths venture, which is pivotal for augmenting the production of permanent magnets, a key component for renewable energy creation.
- The inception of a facility dedicated to manufacturing hydrogen fluoride and aluminium fluoride using recycled industrial remnants.
While these projects hold significant ESG merit, ABx acknowledges the multifaceted nature of ESG and is dedicated to offering a broader and more transparent disclosure to its stakeholders. By weaving ESG metrics into their primary reports and intertwining them with their governance and business strategies, ABx signifies its holistic approach to business, considering all relevant risks and potential growth areas. The company’s devotion to ESG will be chronicled in regular public updates.
The Stakeholder Capitalism framework from the WEF that ABx has pledged allegiance to encompasses 21 fundamental metrics for fostering sustainable value. This structure gleans insights from numerous existing models and serves as an initial step towards honing ESG reporting capabilities. ABx will utilize this to shed light on pivotal ESG matters such as ethical governance, anti-corruption measures, human rights adherence, carbon footprint, land preservation, ecological mindfulness, water stewardship, inclusivity, wage parity, and taxation.
Aiding in this endeavor is the Socialsuite platform, which will be instrumental in crafting ABx’s inaugural ESG disclosure slated for release this quarter. Moving forward, Socialsuite will be the cornerstone for ABx to document and share its continuous improvements in ESG metrics.
ABx initiated its ESG journey by executing an exhaustive ESG gap analysis. This comprehensive review aimed to gauge ABx’s standing concerning the 21 foundational metrics of the ESG framework. A snapshot of this analysis, showcased in their ESG Progress Dashboard, underscores ABx’s proactive approach towards transparent ESG reporting.