Challenge the practice is addressing: MinFuture roadmap provides recommendations for monitoring of the physical economy, which is considered to be crucial for improving our capacity for forecasting and scenario development in the fields of, for example, climate change and progress towards circular economy. Moving towards monitoring systems at company, national, regional, EU and global levels is important for achieving the sustainable development goals and securing long-term supply of raw materials.
Concrete practice to achieve the expected goal: The practice consists of two key elements: 1) a framework with key components of a physical monitoring programme, and 2) a roadmap that outlines existing challenges and provides recommendations for the implementation of the physical accounting. MinFuture’s physical monitoring framework draws from Material Flow Analysis (MFA) which distinguishes seven components: systems, data, models & scenarios, uncertainty, indicators, visualisations and strategy & decision support. Section two presents key recommendations regarding the physical accounting of: geological stocks, production and trade, anthropogenic stocks and physical accounting in governments and companies. It also provides guidelines for the implementation of physical accounting and gives recommendations for global monitoring as well as for legal interventions for the development of data infrastructure to enable physical accounting. Finally financial investment and education & training recommendations are provided.
Expected impact/goal of the practice: The expected impact is that the provided roadmap will help researchers, policy makers and the extractives industry to better understand and monitor complex raw materials supply chains as well as environmental, social and political implications that the increased global demand for mineral raw materials has on societies.
Who is the target user group of the practice/intervention or implementing the practice/intervention? The practice is aimed at governance, research community and the extractives industry