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We will combine metal supply chains with sustainability scoring completed by leading accreditation agencies to produce a package labelling system that is intuitive to understand.
About
The concept behind terra-trace is simple and effective - we aim to inform the public how responsibly the metals in their products have been extracted through intuitive product labelling. By visually showing the end-consumer how each metal has been extracted, they are able to make better informed purchases, thereby supporting mining operations that are running responsibly. To do this, we will partner with mining accrediation and scoring organiations who are already doing great work and making this visible to the public. Additionally, a QR code on the product labelling will allow people to see the flows of metals, and engage more with the companies that mine the materials required for their products.
Key Benefits
While terra-trace brings a host of benefits, we have outlined four key areas; the public, mining companies, accreditation agencies, and general sustainability.
The Public:
Being aware of what you are purchasing is of paramount importance - it can mean knowing the difference between supporting an operation that funds conflict or has poor environmental practices, or one that is being run responsibly. terra-trace will educate the public on how responsibly the metals in their products have been extracted, giving them a quick way to know exactly what they are spending their money one. A more informed public is a better one, as it can drive a more just transition.
Mining Companies:
Right now, there is no way for mining companies to differentiate themselves from their peers in the eyes of the public. This has two main consequences, the first being collective punishment when something goes wrong, and secondly, not being rewarded for doing something right. If one irresponsibly operating mining company causes wide-spread environmental or social damage, the entire reputation of mining is impacted. This is significant as it means that projects that will operate well have more hurdles to get over, as public opinion will be against them. On the flip side, when a mining company operates responsibly, with good environmental and social practices, that metal is worth the same as a company who is not doing that. By brining more awareness on how responsibly metals have been extracted to the public, it allows mining companies to differentiate their product from their competitors, allowing them to be rewarded for operating well.
Accreditation Groups:
Mining accreditation is a complicated business, with many organisations out there having their own standards. Through working with terra-trace and having their name shown to the public, accreditation organisations will gain more influence and importance. This will see mining accreditation start to coalesce around a few prominent groups, which means more progress will eventually be able to be made on their development.
Global Sustainability:
As terra-trace unlocks value for mining companies that are operating responsibly, this will incentivise those that are not to start doing so. Miners will see that having better environmental and social policies will lead to tangible financial results, and encourage them to become more responsible and sustainable, which is globally beneficial.
Applications
Being an organisation that focuses on making metal supply chains more visible to the general public, terra-trace has a global market. Ultimately, we want to be labelling every product that contains metals in it, showing how responsible and sustainably it has been extracted. We will be focussing on end-products, as the general public are the ones who, through education, are able to drive positive change when making more informed purchases. Initially as this is quite an ambitious target, we will be focussing on the cobalt supply chain.