Glossary

Explore the meaning of specialist terms and acronyms used within the observatory related to technology metals and the circular economy.

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ESG

ESG stands for Environmental, Social, and Governance. Investors are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities. 

Circular economy

A circular economy decouples economic activity from the consumption of finite resources. It is a resilient system that is good for business, people and the environment. The circular economy is a systems solution framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution. 

ABM

Agent Based Model – modelling of scenarios around autonomous ‘agents’, their actions and interactions, in order to better understand the behaviour of the circular economy system. [link: Intro to Agent Based Modeling. An example of how agent based modeling… | by Bassel Karami | Towards Data Science]

ASM

Artisanal and Small-scale mining -- ASM is widespread in developing countries in Africa, Asia, Oceania, and Central and South America. Though the informal nature generally results in low productivity, the sector represents an important livelihood and income source for local populations. [ref: Artisanal and Small-Scale Mining (worldbank.org)]

BBSRC

Biotechnical and Biological Sciences Research Council – A national funding agency investing in bioscience research and training in the UK. The Council aims to further scientific knowledge, promote economic growth and improve the quality of life in the UK and beyond. [website: Biotechnology and Biological Sciences Research Council (BBSRC) – UKRI]

BCSECM

Birmingham Centre for Strategic Elements and Critical Materials – A centre for expertise in the science, economics and regulatory challenges created by the need for strategic elements and critical materials. Based at the University of Birmingham [ website: Birmingham Centre for Strategic Elements & Critical Materials - University of Birmingham]

BEI

Birmingham Energy Institute – Research Institute based at the University of Birmingham, focused on low carbon technology and advising policy for future energy solutions. [website: Birmingham Energy Institute]

BEIS

Department for Business, Energy & Industrial Strategy – The UK’s governmental department responsible for business, industrial strategy, science, research, innovation, energy, climate change and clean growth. [ website: Department for Business, Energy & Industrial Strategy - GOV.UK (www.gov.uk)]

BGS

British Geological Survey -- world-leading independent research organisation providing objective, expert geoscientific data, information and knowledge. [website: Welcome to BGS - British Geological Survey]

CE 

Circular Economy – A template for global economies in which products are maintained at their ‘highest value’ through a system of re-use, servitisation business models and resource efficiency whereby waste is designed out from the start. This is a move away from the existing Linear Economy.

CE-Hub

National Interdisciplinary Circular Economy Research (NICER) Programme Hub – The central hub of the five, interdisciplinary, CE Research Centres for NICER. [website: What is the Circular Economy? - CE Hub (ce-hub.org)]

CRM

Critical Raw Materials – Raw materials deemed to be ‘critical’ to a given country due to their scarcity, stability of supply and/or geopolitical relations with providers.

CSM

Camborne School of Mines – A combined geoscience and mining institute at the University of Exeter, hosting scientific and engineering expertise in geology, mining and minerals processing. [website: (Businesses page) Camborne School of Mines | Cornwall Campuses | University of Exeter]

ICEC-MCM

Interdisciplinary Circular Economy Centre for Mineral-based Construction Materials – One of the 5 CE-Research Hubs within NICER, investigating the scientific, socio-economic and technological basis for design and implementation of systems, processes and policy that will support the transition to a Circular Economy for the built environment infrastructure of the UK. This is largely focused on base metals such as steel and copper. [website: The UKRI Interdisciplinary Circular Economy Centre for Mineral-Based Construction Materials | Interdisciplinary Circular Economy Centre for Mineral-based Construction Materials - UCL – University College London]

GBA

Global Battery Alliance – As a partnership of businesses, governments, academics, industry actors, international and non-governmental organizations, the GBA aims to ensure that battery production not only supports green energy, but also safeguards human rights and promotes health and environmental sustainability.

LE

Linear Economy – Existing economic model based on a concept of ‘take-make-waste’ where resources are extracted, made into a product and rapidly classified as waste, rather than resource.

LCA

Life Cycle Analysis -- A method of quantifying the environmental impacts associated with a given product, created through an inventory of resources used and pollutants generated in product production and use over its lifetime.

LSM

Large Scale Mining – intentional mining of minerals in mechanised operations involving open-cast pit/s, sinking of shafts, drilling of adits and/or other underground operation following the legal acquisition of permits.


NICER

National Interdisciplinary Circular Economy Research Programme A collaborative research and development programme investigating a resilient circular economy for the UK. [UKRI webpage: National Interdisciplinary Circular Economy Research (NICER) – UKRI]

PGMs

Platinum Group Metals – A family of six structurally and chemically similar elements that are most valued for their wide range of industrial, medical, and electronic applications. These versatile metals play a significant role in many products in daily use. [a website: https://www.thermofisher.com/blog/metals/what-are-the-platinum-group-metals-and-why-do-they-matter/ ]

REEs

Rare Earth Elements -- A set of seventeen metallic elements including the fifteen lanthanides on the periodic table plus scandium and yttrium. An essential part of many high-tech devices, these elements are not necessarily uncommon but often difficult to extract on a commercially-viable scale. [A link to the Geological Society website: The Geological Society (geolsoc.org.uk)]

RI

Responsible Innovation – A framework for researchers and innovators in which both intended and unintended consequences are anticipated, aiming to minimise adverse effects, or find alternative solutions.

WEEE

Waste Electrical and Electronic Equipment – Electrical and electronic equipment that has reached its end of life  is a vast resource for the technology metals that form the focus of the NVO.

WEF

World Economic Forum -- The World Economic Forum are an international non-governmental and lobbying organisation and have a particular interest in the circular economy of metal resources. [The World Economic Forum (weforum.org)[]

 

UNRMS

UN Resource Management System -- A unifying framework for the integrated management of resources, especially within a circular economy. [United Nations Resource Management System: An overview of concepts, objectives and requirements (ECE ENERGY SERIES No. 68) | UNECE]