Glencore under new climate action pressure over coal cash cow | Business

In response to questions, Glencore said it will publish its next Climate Progress Report in March, which will provide an update on the progress of its 2020 climate strategy.

Energy giants have for years been pilloried for not doing more to limit climate-damaging emissions, and activist investors recently have made significant inroads capped off by a small climate-focused fund orchestrating the takeover of a portion of Exxon Mobil Corp.’s board in 2021.The resolution regarding Glencore was co-filed by NGOs ShareAction and the Australasian Centre of Corporate Responsibility. It will need to answer the question in a detailed report if the resolution finds 75% backing.

A “higher degree of transparency is necessary in order to clarify how the company’s exposure to thermal coal is aligned with the 1.5C pathway and corresponds to its net zero commitment,” said Dror Elkayam, an ESG analyst and investment steward at Legal & General. In 2021, Glencore traded 67.7 million tons of thermal coal through its marketing business, and mined 103.3 million tons of coal through its industrial business. Most of that was thermal coal used in electricity generation. In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.

_Business No surprise ClimateHoax24 is pushing the green energy good, fossil fuels bad agenda. Why not run a story about South Africa selling all its best coal to Germany to burn and who is profiting in this mammoth exchange of value?

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