The Coal Trader

Glencore to update its emissions reduction plan

According to foreign media reports, global miner Glencore said on December 13 that after some investors rejected its climate progress report and agreed to acquire Canada’s Teck Resources metallurgical coal business, Glencore will Updated its climate action transition plan in March.

It is understood that at the annual meeting in May this year, more than 30% of investors, including major shareholder BlackRock, rejected Glencore’s climate report and asked it to clarify more clearly how it will implement emission reductions. promise.

Separately, about 29% of shareholders also supported a resolution calling for more disclosure on progress in cutting thermal coal production.

In November this year, Glencore agreed to acquire Teck Resources’ metallurgical coal business, paving the way for its eventual spin-off of the entire thermal and metallurgical coal businesses two years later.

Glencore said it would address climate-related issues during the acquisition process, continue to engage with shareholders and other stakeholders, and pay attention to external developments.

Many global giants have released their first climate action plans for emission reductions in 2020 to help achieve the goal of controlling climate change temperatures to within 1.5 degrees Celsius compared with pre-industrial levels in the Paris Climate Agreement.