Glencore is facing new investor questions over the climate impact of its top performing coal mining unit, ratcheting up pressure on the world’s biggest shipper of the dirtiest fossil fuel. | News24_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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World: Glencore under new climate action pressure over coal cash cowGlencore Plc is facing new investor questions over the climate impact of its top performing coal mining unit, ratcheting up pressure on the world’s biggest shipper of the dirtiest fossil fuel.
Read more »
Big investors challenge Glencore’s alignment with Paris climate goalsThe commodity giant has pledged to reach net-zero carbon emissions by 2050 and run down its mines producing thermal coal mid-2040s
Read more »
Optimum Coal business rescue practitioners threaten to go to court if RBCT terminates contract | City PressOptimum Coal business rescue practitioners are threatening to go to court should the Richards Bay Coal Terminal (RBCT) board continue with its stance over the use of the export terminal.
Read more »
Troubled China Evergrande pledges to repay debts in 2023 | BusinessChina Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector. | News24_Business
Read more »
Dollar makes strong start to 2023 after months-long slump | BusinessThe dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull. | News24_Business
Read more »
How billionaire François Pinault built a luxury empire that owns Gucci and Balenciaga | Business InsiderFrançois Pinault dropped out of school at 16 and started working in the lumber business. Now, he's worth $35 billion.
Read more »