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Voluntary standards for mineral raw materials lack implementation. This calls for investigating the basis for their success and suggesting related transformation pathways. Consolidating and harmonizing voluntary standards, integrating more problem fields, and enlarging the stakeholder base promise to make standards more effective.Numerous voluntary standards for minerals have been developed as a reaction to social and environmental problems in mining. These vary considerably in their requirements and the design affecting their acceptance among stakeholders. As such, the voluntary standards play a subordinate role in sustainable finance compared with environment, social, and governance ratings; yet, they have been found to be effective for managing the supply chain of minerals and its single parts. Still, despite the heterogeneity of the voluntary standards, the goals pursued by applying them can be subsumed into the following structure: 1. solving focal sustainability issues to pave the way among global mining stakeholders to 2. a particular or 3. general common ground. This tripartite distinction is used to identify potential transformation paths to make voluntary standards even more effective, especially regarding sustainable finance and supply chain management. These components encompass harmonization and consolidation, (better) integration of (further) sustainability issues, and a broader involvement of stakeholder groups.

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