Diagnosing how the sovereign ceiling functions as a simplifying shortcut that can obscure meaningful differences across borrowers, and proposing an alternative credit rating approach based on disaggregating sovereign risk into specific transmission channels.
Columbia Center on Sustainable Investment (CCSI), in association with Steptoe LLP, hosted Session 3 of our four-part webinar series, Candid Reflections on Resource-Based Development.
Mining has highly localized community and environmental impacts, unfolding in relatively remote geographies and often affecting marginalized communities. Out of necessity and in response to robust public scrutiny, the mining industry has invested resources and developed experience in engaging in a profound and sophisticated way with these issues. Regardless, failure and acrimony remain common. Environmental and social impact assessments—often sponsored by the mining company itself—that under-report social and environmental risks can lead to conclusions that fail to reflect the true impacts of investments. For their part, national environmental agencies have comparatively under-resourced technical teams to review and shape environmental assessments and management plans. Moreover, the interests of local communities may not be represented by national governments. Despite decades of effort to establish best practices in both community rights and environmental protection, the cycle has been difficult to break. This panel engaged with the politics of environmental and social impacts and management plans, and considered whether new ways to approach this central challenge might alleviate persistent tensions.
Speakers:
Todd Clewett, External Affairs Executive and Political Risk Strategist in the Resources Sector
Allan Marks, Former Partner, Milbank LLP and Senior Fellow, CCSI
Githa Roleans, Head of Multinational Enterprises and Responsible Business Conduct Unit, ILO
Kelly Stark-Anderson, Executive Vice President, Corporate Affairs & General Counsel, Corporate Secretary, Dundee Precious Metals, Inc.
