RVT Adopts Global ESG Reporting Standard
Richmond Vanadium Technology (RVT) has announced its adoption of the World Economic Forum (WEF) Environmental, Social, and Governance (ESG) framework.
The framework incorporates core SASB and GRI metrics, Science Based Targets, GHG Protocol, and the Task Force on Climate-related Financial Disclosures (TCFD), which are globally recognised.
The ESG metrics and sustainability of RVT will be integrated into its Bankable Feasibility study at every stage, from project inception to mine decommissioning and throughout the supply chain. This will enable the company to achieve a successful balance between benefits to the planet, people, and profit.
RVT has partnered with Socialsuite, a technology platform, to use its ESG measurement and reporting software platform. This platform is already being used by more than 165 organisations worldwide, including publicly traded companies across various stock exchanges and not-for-profit organisations.
By using Socialsuite's software, RVT will be able to identify and leverage the ESG value that already exists within the organisation, promote responsible and sustainable operations over the long term, and provide comprehensive and regular ESG reporting.
Brendon Grylls, the Non-Executive Chair of Richmond Vanadium, stated that the RVT Board believes that the net-zero transition will necessitate increased production of vanadium, a critical metal for battery energy storage systems.
RVT is committed to maintaining high ESG standards, with strong social licenses, land use practices, and resource circularity as critical factors for its ongoing success. Investors, customers, and employees are increasingly looking at a company's ethics, benefits, and culture when evaluating its potential.
The Board was particularly impressed with Socialsuite's approach to ESG, which sees it as a journey that requires time to produce change and demonstrate actions through reporting. The company is pleased to have begun this journey and will keep stakeholders informed of its ESG progress through regular reports.
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