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Please note: This article was published as part of the VBDO AGM Engagement Report 2025 – Weighing the anchor.
What the Nickel Initiative entails
In 2024, VBDO, in collaboration with Rainforest Foundation Norway (RFN), launched the Investor Initiative on Responsible Nickel Supply Chains. This investor-led, civil society-supported engagement initiative focuses on the ESG dimensions of nickel supply chains in the Electric Vehicle (EV) sector. It is currently supported by 36 institutional investors, representing a total of $4.5 trillion in assets, collectively engaging 28 global automakers and EV battery producers.
The initiative is coordinated by VBDO with substantive input from RFN, whose 2024 report Short Circuits benchmarked 19 downstream companies on their social and environmental supply chain performance, including transparency, due diligence, and accountability. This report forms the foundation for structured, ongoing investor engagement. What sets this initiative apart is its multi-stakeholder model: more than ten national and international civil society organisations actively support the initiative by offering research findings, insights, and recommendations. This input strengthens the engagement process, from joint investor calls to policy review.
Why Nickel?
Nickel, a key mineral for battery production, is linked to a range of complex ESG risks. Its extraction and processing have historically been associated with environmental degradation, deforestation, pollution of freshwater ecosystems, and violations of Indigenous Peoples’ and local communities’ rights. As global demand for nickel surges in support of the energy transition, these risks are intensifying. The initiative encourages companies to mitigate these impacts through stronger due diligence, improved supplier codes of conduct, and the adoption of credible third-party standards like the Initiative for Responsible Mining Assurance (IRMA).
Sustainability in broader sense
The Investor Initiative on Responsible Nickel Supply Chains deliberately addresses all three pillars of ESG. It is not limited to environmental harm or climate concerns but also confronts human rights abuses, Indigenous rights violations (including lack of free, prior, and informed consent), and governance issues such as transparency, public reporting, and supplier accountability. The initiative is grounded in the belief that a just and responsible energy transition must be inclusive and collaborative.
More and better access
To build this shared understanding, the initiative provides participating investors with access to briefings, tools, and knowledge sessions, featuring contributions from organisations such as Lead the Charge, the Securing Indigenous Peoples’ Rights in the Green Economy (SIRGE) Coalition, and RFN’s local partner organisations in producer countries. These resources help investors to ask better questions, demand higher standards, and contribute to systemic change through stewardship and collaborative engagement.
By creating an informed, multi-stakeholder platform for change, the Investor Initiative on Responsible Nickel Supply Chains plays a crucial role in ensuring that the growing demand for nickel does not come at the cost of environmental collapse or social injustice. Instead, it aims to reshape the narrative: responsible mining, grounded in ESG integrity, is not only possible but essential.
