Investment Manager LGIM Divests From Glencore Over Coal Business

Legal & General Investment Management LGIM is divesting shares in Glencore from its ESG funds over concerns that the mining giant doesn’t have a path to net zero amid continued thermal coal production. Legal & General L&G has expanded its climate engagement reach and, as part of the engagement with consequences, comes the decision that LGIM is divesting from Glencore, L&G said in a statement on Wednesday.

44% stake in Glencore, which is currently worth about $325 million, according to LSEG data cited by Reuters. Glencore’s current targets and ambition are to achieve net zero emissions by 2050, subject to a supportive policy environment. Despite the ambition, Glencore has been called out by campaigners for its coal output and trade and coking coal assets. In 2020, Norway’s $1.

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