Takeaways: IIPWG November 2025
Items excerpted from the November 2025 Investors & Indigenous Peoples Working Group (IIPWG) Newsletter. IIPWG strategy calls take place the third Thursday of the month. Learn more.
Indigenous Peoples at COP30
Despite record participation, many Indigenous Peoples who attended the 2025 United Nations Climate Change Conference (COP30) reflected frustrations following the exclusion of Indigenous representatives from climate policy negotiations. In a public statement, the International Indigenous Peoples Forum on Climate Change (IPFCC) condemned “the violence that [Indigenous Peoples] faced when trying to access the venue, the debadging of Indigenous Peoples' representatives, and the subsequent and escalating militarization of the COP venue and space.”
See highlights of news from week one and week two of COP30, in addition to these high-level statements and reports:
Cultural Survival: Despite Record Indigenous Presence at Brazil COP30 Climate Summit Sparks Frustration Over Exclusion
Mongabay: With COP30, Indigenous Brazilians strive for new resources to protect nature
Indian Country Today: ‘A flawed system’: COP30 climate meeting falls short despite record Indigenous turnout
Democracy Now: Report from COP30: Thousands March in Indigenous-Led Protest at Brazil Climate Talks “in Defense of Life”
SIRGE Coalition: From Rio to Belém: 33 Years After the Earth Summit, the World Returns to Brazil for COP30 at a Defining Moment for Climate Action
Limited Progress on Indigenous Peoples’ Rights in Final CMSI Draft
The second and final draft of the Consolidated Mining Standard Initiative (CMSI), which closed for public comment on November 17, demonstrates limited progress on Indigenous Peoples’ rights from Draft 1. According to analysis by Tallgrass Institute, Performance Area 14 (PA14), the chapter focused on Indigenous Peoples, treats consent as a desirable outcome, but not a binding right. Where the standard should require documented consent before project development or expansion, the CMSI does not require companies to obtain Indigenous Peoples’ free, prior and informed consent (FPIC) in any of its three tiered performance levels. Concerns regarding the governance and assurance process structures remain as well.
While the stakes for Indigenous Peoples are higher, risks for investors persist given critical shortcomings that could lead to costly delays, regulatory exposure, mispricing due to misjudgement of social risk, and litigation. The analysis details five points needed for the CMSI to meet a rights-based benchmark: obtaining consent as a pre-condition for compliance; guaranteed Indigenous representation within the CMSI governance structure with transparent, Indigenous‑led selection to the board; an assurance process that includes Indigenous observers or co‑auditors; a scoring safeguard that prevents positive claims despite weak PA14 performance; and public disclosure of consent status and agreements.
November IIPWG Canada: Presentations and Resources
On the November IIPWG Canada call, discussions focused on emerging resources and updates.
Reconciliation Action Plans In Canada: Origins, Issues and Opportunities (Reconciliation and Responsible Investment Institute) explores the origin of RAPs in Australia, their development in Canada, and the absence of oversight and standardization in the unregulated Canadian landscape.
Sustainable Indigenous Finance: Navigating the Energy Transition (US SIF, First Peoples Worldwide, ImpactARC) assists investors in identifying, assessing, and mitigating risk and enhancing opportunities when investments intersect with Indigenous Peoples.
The Perils of Premature Labelling: Why Indigenous Bonds Demand Indigenous Governance (Pehta Foundation) called for Indigenous rights’ holders governance and authority over the development of Indigenous bond frameworks.
Additional topics included SHARE’s feedback to the Canadian Securities Administrator (CSA) on National Instrument 43-101 and the Tallgrass Institute’s analysis of the IRMA 2.0 standard. A recording of the call is available upon request; learn more about IIPWG Canada here.