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Mining and commodities trader Glencore said on Wednesday it’s on track to reduce carbon dioxide equivalent emissions for its industrial assets by 25% by the end of 2030., the Swiss company outlined the work it is doing to achieve emissions reduction targets of 15% and 50% by the end of 2026 and 2035, respectively.
The company’s revised climate plan is much like a previous plan it released — but this time includes the interim 2030 target. “ reflects a wide range of inputs, including analysis of the evolving market landscape, new regulatory requirements, mining and energy peer approaches, the IEA’s latest modelling, stakeholder inputs, and emerging insights from the most recent United Nations Framework Convention on Climate Change dialogue,” chief executive officer Gary Nagle said in a statement. “We have also undertaken extensive engagement with our shareholders and appreciate their time and support as we have developed this CATP,” Nagle noted. Glencore, like most of the world’s biggest listed companies, published its first climate action plans in 2020 in a bid to help with reaching the 2015 Paris Agreement goal of capping temperatures within 1.5 degrees Celsius. The Baar, Switzerland-based firm, one of the top global thermal coal exporters, has faced backlash for being one of the few top miners still involved in the extraction of the fossil fuel used to generate electricity.“We recognize the different roles of thermal coal and steelmaking coal – and the different transition pathways for both,” Nagle said presenting the new strategy.The executive noted the company “remains committed” to the responsible phase-down of its coal portfolio and it’s not progressing any greenfield thermal coal investments. The company continues to produce and recycle commodities considered key for today’s cleaner transition technologies. Nagle explained that the speed and direction of Glencore’s decarbonization efforts are significantly shaped by geopolitics, policy decisions, and technological advancements. — those produced when customers burn or process a company’s raw materials — by 30% by 2035 and achieving net zero Scope 3 emissions by 2050. The company did not include its marketing activities in the these goals. It justified the decision by saying that, by trading in the third party volumes, its activities do not generate additional Scope 3 emissions, “which in the ordinary course are associated with the transformation or use of the product by third parties”.in Teck’s steelmaking coal business, Elk Valley Resources . The transaction remains subject to mandatory regulatory approvals and is expected to close by no later than Q3 2024. "We are very strong on nickel fundamentals," chief sustainability and corporate affairs officer Emily Olson told the CERAWeek energy conference.Benjamin Mossman appealed the decision that found him guilty of 13 environmental violations, including discharging mine waste, failing to report environmental spills and dumping,The new figures come after a 17% drop in output from MMG's Las Bambas mine and a 13.4% fall from Freeport-McMoRan's Cerro Verde mine.The discovery in the emerging Sore area returned significant intercepts such as 26.45 grams gold per tonne over 2.5 metres.
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