Institute of Materials, Minerals and Mining (IOM3) Update on financial links with fossil fuels and arms corporations

The report finds that while IOM3 has transitioned its investment portfolio to a sustainable fund with specific exclusions for arms and certain fossil fuels, it lacks a formal ethical investment policy and maintains transparency gaps regarding its specific holdings. IOM3 continues to accept sponsorship from Tata Steel for educational materials, which SGR argues is incompatible with the Paris Agreement goals.

• In July 2020, IOM3 transitioned its investment portfolio to the BlackRock Charities Growth & Income Fund, a sustainable fund that applies environmental, social and governance (ESG) criteria.
• The BlackRock Charities Growth & Income Fund excludes companies involved in controversial armaments, those deriving over 5% of annual turnover from military activity and conventional armaments, and those deriving 10% or more of annual turnover from tar sands and thermal coal.
• Transparency regarding IOM3's individual holdings has decreased from approximately 44% to zero, as SGR cannot ascertain which specific fossil fuel companies are held within the BlackRock fund.
• IOM3 maintains a financial link to the fossil fuel sector through the co-sponsorship of the Armourers and Brasiers Sixth Form Materials Prize by Tata Steel, which is ranked among the top 35 coal corporations globally by reserves.
• Despite its sustainability policy and signing the Pledge to Net Zero, IOM3 has not introduced a formal ethical investment policy to exclude fossil fuels and arms in the future, nor has it published the SMART objectives promised in its 2018 sustainability policy.
• IOM3 has rebranded its Oil and Gas Division as the Energy Transition Group and continues to provide specialist training titled "Introduction to Oilfield Metallurgy" for the oil and gas sectors.

APA

Scientists for Global Responsibility (2021). Institute of Materials, Minerals and Mining (IOM3) Update on financial links with fossil fuels and arms corporations. https://www.sgr.org.uk/sites/default/files/2021-06/IOM3_progress_report.pdf

Chicago

Scientists for Global Responsibility. Institute of Materials, Minerals and Mining (IOM3) Update on financial links with fossil fuels and arms corporations. 2021. https://www.sgr.org.uk/sites/default/files/2021-06/IOM3_progress_report.pdf.

Wikipedia

{{cite report |author=Scientists for Global Responsibility |title=Institute of Materials, Minerals and Mining (IOM3) Update on financial links with fossil fuels and arms corporations |date=April 2021 |url=https://www.sgr.org.uk/sites/default/files/2021-06/IOM3_progress_report.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{scientistsforglobalresponsibility2021institute, author = {{Scientists for Global Responsibility}}, title = {{Institute of Materials, Minerals and Mining (IOM3) Update on financial links with fossil fuels and arms corporations}}, institution = {Scientists for Global Responsibility}, year = {2021}, month = apr, url = {https://www.sgr.org.uk/sites/default/files/2021-06/IOM3_progress_report.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }