The Royal Mint (TRM) presented on sustainability at the Mint Directors Conference Online this summer.
For TRM sustainability includes all topics relating to ‘Environment, Social and Governance’ (ESG), not just environmental sustainability. Inga Doak, TRM’s Head of Sustainability, laid out their four areas of focus.
TRM’s first area is to achieve a sustainable future. This covers environmental goals such as zero carbon, a circular economy, product and packaging development, resource management and responsible sourcing.
Second is enhancing their community. Third is making sure TRM is a great place to work by working on staff engagement, diversity, health and well-being, training and skills. Finally, integrating ESG into every aspect of the organisation from governance and reporting to its management systems, business ethics and industrial collaboration and leadership.
The presentation gave examples of work in all of these areas as well as future plans. It already generates 3% of its energy on site and all other energy comes from renewable sources. TRM is now building a local energy centre to increase its own renewable energy generation.
Its infrastructure investment, such as its new brass plating line, supports both the sustainable future goal and making it a great place to work.
TRM is working on science based-targets to support its work to achieve net zero emissions.
Procurement is a key area and TRM has signed up to the London Bullion Market Association’s (LBMA) ‘Good Delivery’ list. The LBMA describes the physical characteristics of gold and silver bars used in settlement in the wholesale London bullion market and sets out requirements which have to be met for refineries to be included in its Good Delivery List of approved refineries. TRM is looking to extend its responsible sourcing through its procurement and supply chain management activities.
The UK government runs what is known as a ‘kick start’ programme to provide 16-24 year olds with a six month work placement. In 2021 TRM had provided 20 places with some of them ending up employed at TRM.
In terms of ESG reporting, TRM is accredited to a wide range of bodies and standards. It issues reports providing information on such topics as Anti-Bribery and Corruption, Anti-Slavery and Human Trafficking, Equality and the Gender Pay Gap. It has an active internal and external programme of diversity and inclusion activities. It measures and reports on its ESG performance systematically.
Two specific case studies were mentioned.
The first was from the start of the COVID pandemic, when TRM switched focus and resources to produce two million medical visors for use by the National Health Service.
Second was its investment in new technology to allow e-waste to be recycled with its gold content extracted for reuse. This technology is being taken from laboratory to an industrial scale. An interesting example of creative thinking to blend the core business with the latest science and technology.
