• About
  • Privacy Policy
  • Editorial Principles
  • Why to trust us
  • Contact
Monday, October 2, 2023
The 24 Hours
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
Morning News
Home Business

Glencore shareholders query coal plans

admin by admin
January 5, 2023
in Business
0
Glencore shareholders query coal plans
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Conservative mistakes helped Pedro Sánchez halt Vox’s march in Spain

Santiago Abascal, Spain’s hard-right potential kingmaker

Glencore investors are moving to force more disclosure about their coal production plans as the world’s most profitable fossil fuel miners face questions about their climate impact.

A group of shareholders, including Legal & General Investment Management and HSBC Asset Management, have filed resolutions seeking more detail on the matter. Glencores Annual meeting in May.

The resolution stated that “disclosure of how the company’s projected steam coal production aligns with the objectives of the Paris Agreement . I am requesting information.

Glencore is the world’s most profitable public company miner of thermal coal. But it eventually adopts a climate target that will curb the coal business.

Dror Elkayam, a global ESG analyst at LGIM, which owns about 1.5% of Glencore’s outstanding shares, said the resolution was important to help investors assess risk.

“We want to be able to look under the hood and assess how the company is positioned in a low-carbon environment,” said Elkayam. “We do not believe there is sufficient evidence that Glencore’s steaming coal production plans are in line with the Paris Agreement goals,” he added.

Glencore’s coal division very informative Last year — contributed $8.9 billion to the company’s earnings in the first half alone, helping drive shareholder returns to record highs.

When the energy crisis triggered by Russia’s invasion of Ukraine pushed prices to record highs, Glencore’s coal business thrived as it produced high-quality thermal coal used in European power plants. did.

However, shareholders have questioned how coal operations fit into a climate plan that includes a target of reducing direct and indirect emissions by 50% relative to 2019 levels by 2035. I’m here.

Shareholders backing the new resolution include LGIM, HSBC, Vision Super and the Swiss-based Ethos Foundation, which represents pension funds Pensionskasse Post and Bernische Pensionsskasse, which collectively manage $2.2 trillion .

“It’s very disappointing that Glencore continues to invest in thermal coal,” said Michael Wilsh, chief investment officer at Australian retirement fund Vision Super. He added that Glencore is “well-positioned” for its exposure to key commodities in the energy transition, such as copper and nickel.

Glencore expects to produce about 110 million tonnes of coal annually from 2023 to 2025, similar to 2022 levels.

The company has said it will limit coal production to 150 million tonnes a year, but has not disclosed a specific annual target beyond 2025.

Concerns over Glencore coal production flared up At last year’s annual meeting, nearly a quarter of shareholders voted against the company’s climate action plan.

That’s what prompted the review. It was published Glencore said it will provide more details in its climate report due in March.

Glencore’s 2021 direct and indirect emissions reached 280 million tonnes of CO2 equivalent. This is the same level as in Spain.

Recommended

The company has a short-term goal of reducing its direct and indirect emissions by 15% below 2019 levels by 2026 and achieving net zero emissions by 2050.

“Glencore will publish its next climate progress report in March, which will provide an update on progress against its 2020 climate strategy.” British charity.

Tags: coalGlencoreplansqueryshareholders

Related Posts

Conservative mistakes helped Pedro Sánchez halt Vox’s march in Spain
Business

Conservative mistakes helped Pedro Sánchez halt Vox’s march in Spain

July 24, 2023
Santiago Abascal, Spain’s hard-right potential kingmaker
Business

Santiago Abascal, Spain’s hard-right potential kingmaker

July 22, 2023
China imports record volumes of Russian oil in first half of 2023
Business

China imports record volumes of Russian oil in first half of 2023

July 20, 2023
LinkedIn’s Ryan Roslansky: ‘You can only learn how to be a CEO by being a CEO’
Business

LinkedIn’s Ryan Roslansky: ‘You can only learn how to be a CEO by being a CEO’

July 16, 2023
Can Cornwall get a slice of the lithium revolution?
Business

Can Cornwall get a slice of the lithium revolution?

July 14, 2023
Nvidia in talks to be an anchor investor in Arm IPO
Business

Nvidia in talks to be an anchor investor in Arm IPO

July 12, 2023
Next Post
Kevin McCarthy Refuses To Drop Out As He Still Sees A Path To Being Speaker

Kevin McCarthy Refuses To Drop Out As He Still Sees A Path To Being Speaker

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Trump Appears To Be Terrified Of Special Counsel Jack Smith

Trump Appears To Be Terrified Of Special Counsel Jack Smith

January 15, 2023
Taylor Swift Gives Update on Eras Tour Hand Injury 

Taylor Swift Gives Update on Eras Tour Hand Injury 

April 25, 2023
Kendall Jenner’s Bikini Body Photos

Kendall Jenner’s Bikini Body Photos

May 13, 2023
Sister Wives’ Robyn Tells Family ‘Leave Me the Hell Out’ of Drama

Sister Wives’ Robyn Tells Family ‘Leave Me the Hell Out’ of Drama

January 9, 2023
Is ChatGPT a ‘virus that has been released into the wild’? • TechCrunch

Is ChatGPT a ‘virus that has been released into the wild’? • TechCrunch

December 10, 2022

EDITOR'S PICK

Andrew Shue ‘Distancing’ Himself From Amy Robach, T.J. Holmes Drama

Andrew Shue ‘Distancing’ Himself From Amy Robach, T.J. Holmes Drama

January 5, 2023
Global VC firm Partech reaches first close of largest African fund at €245 million • TechCrunch

Global VC firm Partech reaches first close of largest African fund at €245 million • TechCrunch

February 8, 2023
Congress prepares to continue throwing money at NASA’s Space Launch System

Congress prepares to continue throwing money at NASA’s Space Launch System

July 14, 2023
Caudalie Clay Mask Unclogs and Tightens Pores in Just 10 Minutes

Caudalie Clay Mask Unclogs and Tightens Pores in Just 10 Minutes

May 17, 2023

About

The 24 Hours

The24Hours, our mission is to provide unfiltered, unbiased, fact-based news blog that empowers rather than unsettles.

Categories

  • Business
  • Technology
  • Scandals
  • Politics

Quick Links

  • About The24Hours
  • Contact Us
  • Editorial Principles
  • Why to trust us
  • Privacy Policy
  • Sitemap

Follow Us

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • Privacy Policy
  • Contact Us
  • Sitemap

  • Home
  • Politics
  • Business
  • Technology
  • Scandals

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More

Accept Decline Cookie Settings
I consent to the use of following cookies:
Cookie Declaration About Cookies
Necessary (0) Marketing (0) Analytics (0) Preferences (0) Unclassified (0)
Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
We do not use cookies of this type.
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.
We do not use cookies of this type.
Analytics cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously.
We do not use cookies of this type.
Preference cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in.
We do not use cookies of this type.
Unclassified cookies are cookies that we are in the process of classifying, together with the providers of individual cookies.
We do not use cookies of this type.
Cookies are small text files that can be used by websites to make a user's experience more efficient. The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission. This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages.
Cookie Settings