Aluminium Stewardship Initiative Standard Conditionally Approved By London Metal Exchange

Aluminium Stewardship Initiative Standard Conditionally Approved By London Metal Exchange

The Aluminium Stewardship Initiative (ASI) announced this week the conditional approval of its Performance Standard V3 (2022) as a recognized alignment-assessed standard by the London Metal Exchange (LME). The approval puts the ASI’s standard on Track A of its Responsible Sourcing Requirements.

The ASI said that an independent standard alignment assessment confirmed the third version of its performance standard as OECD-Aligned. As a result, traders at the LME may use the certification to show that their products measure up to the trading platform’s rules for responsible sourcing.

The LME will continue to evaluate the ASI’s standards and make a final decision on full approval after their assessment is finished.

Nicole Hanson, Responsible Sourcing Manager, LME, said in a press release that she is impressed with the ASI’s new standard.

“ASI has done an excellent job translating the text of the OECD Guidance into practices for the aluminium value chain that producers can both implement and be audited against.”

ASI’s Performance Standard is the product of consultations with a multitude of stakeholders throughout the aluminium value chain, which ASI asserts is the sole comprehensive voluntary sustainability standard initiative in the aluminium sector. The standard defines 59 criteria categorized in three sustainability pillars that cover several issues, including biodiversity, Indigenous Peoples rights, and greenhouse gas emissions.

Fiona Solomon, ASI CEO, was happy to incorporate the trading platform’s suggestions going forward.

“We’re pleased to take on the responsibility of integrating the OECD Guidance into ASI’s Certification program for the aluminium value chain, and collaborating with LME on their Responsible Sourcing requirements. Using a risk-based approach to harmonise due diligence across multiple sectors adds value for all stakeholders.”

The ASI is a worldwide organization dedicated to setting industrial standards and certifications in the aluminium industry. The association brings together the various stakeholders in the aluminium industry in order to achieve objectives including sustainable production methods, material chain-of-custody procedures, recycling, social impacts related to aluminium production, and production standards.