28 August 2020
Greg Fisk, Business Development Director at BMT in Environment, shares his take on the outcomes of the latest Australian mining risk forecast for 2020-2021 prepared by KPMG.
"Leaving the short to medium term impacts of the pandemic aside for a moment, there is increasing recognition by mining executives that extreme weather events and other impacts of a changing climate (not just the transition toward a low carbon future) are becoming central to the corporate risk profile of their industry.
"Some examples of key resilience and climate adaptation risks for the sector include:
"But perhaps not all bad news and risk. In considering how mines interact with their local communities on the issue of climate change resilience, the extent to which mines can help to fortify that resilience will directly impact the industry’s reputation, social license to operate, and access to project financing. Also, as we have seen in other sectors, mining companies that invest now and start their resilience journey in earnest can put themselves in a stronger position in the long term compared to competitors that take a more reactive approach.
"While TCFD disclosure reporting is an important driver for high level financial analysis of how climate change may affect the company, resilience planning will be enhanced by moving to a more topical and detailed sector-specific approach. Coupled with a practical understanding of climate risk impacts at a regional or site level, this will help to build more meaningful and effective resilience and adaptation strategies where the mining industry is leading as opposed to playing catch up.
"But it has to start with a recognition at the top that there are both risks and opportunities associated with climate change that need to be examined and addressed – which I think the latest mining forecast report clearly demonstrates."
Ross Mansfield, Jake Rigby
The 'digital twin' is now a recognised core component of the Industry 4.0 journey, helping organisations understand their complex processes, resources and data to provide insight into their business and help optimise their operations.
The Coronavirus outbreak will shape risk management in a way that few other events have. Whilst its full impact is still unknown, there are already lessons to be learned for project practitioners.
Andrew Aldrich, Dr Soma Maroju
BMT has traditionally operated in the upstream production sector, connecting with both major oil company operators and large engineering, procurement and construction companies (EPCs). Data has always been an important asset across the oil and gas field development life cycle, from initial reserve assessment right through to decommissioning.
BMT's Greg Fisk recently spoke with James McMahon, CEO of The Climate Service (TCS), a U.S based climate analytics company, about the uptake of climate considerations by the financial sector.