Nickel prices being pushed down by the growing supply from carbon-intensive operations in Indonesia has led to calls to set up a separate pricing mechanism for “green nickel.”

Australian billionaire Andrew Forrest, who made his fortune in iron ore and is now heavily invested in nickel, has called for the London Metal Exchange (LME) to create a dedicated futures contract for “green nickel” traded on its exchange. A green premium would reward nickel miners that produce more sustainable, less carbon-intensive nickel.