Mining giant Glencore faces shareholder backlash over reliance on coal at annual meeting
Mining giant Glencore faces a shareholder backlash over its reliance on coal at its annual meeting this week.
Influential pension advisers Glass Lewis and Institutional Shareholder Services have urged investors in the FTSE100 firm to vote against its ‘climate progress report’, pointing to its extraction of coal in the context of plans to phase out fossil fuel.
Backlash: Glencore bought Cerrejon thermal coal mine in Colombia last year, which is set to boost its coal production by 17 per cent in 2022
Glencore bought Cerrejon thermal coal mine in Colombia last year, which is set to boost its coal production by 17 per cent in 2022.
By contrast, its rivals have been ditching coal in recent years.
The commodities giant has committed to cutting its carbon emissions by 15 per cent before 2026 and half by 2035, reaching net zero by 2050.
ISS said that Glencore’s 2035 target was too broad, allowing it ‘to continue coal production in a manner that is not consistent with its net zero ambitions’.