Glencore to reduce carbon emissions from industrial assets by 25% by 2030

Commodities trader and mining company Glencore intends to reduce Scope 1, 2 and 3 carbon emissions from its industrial assets by 25% by 2030 compared to the 2019 baseline. This is stated in the company’s annual report.

In accordance with the Transitional Climate Action Plan for 2024-2026, the Group has retained its targets to reduce emissions by 15% and 50% by the end of 2026 and 2035. The plan will be put to a vote by Glencore shareholders this year.

According to the company, at the end of 2023, Scope 1, 2 and 3 emissions from industrial assets under operational control decreased by 22% compared to 2019.

Glencore’s first Transitional Climate Action Plan was published in 2020, and the company has committed to reviewing it every three years.

«Our capital allocation strategy for industrial assets is aligned with the achievement of short- and medium-term climate goals and ambitions to achieve zero industrial emissions by the end of 2050, subject to a favorable policy environment,» the company said in a statement.

As GMK Center reported earlier, Glencore will lead the deal to buy the metallurgical coal division of Canada’s Teck Resources – Elk Valley Resources or EVR. Glencore will acquire 77% of Teck’s coal business for $6.9 billion. Nippon Steel, which already owns a 2.5% stake, will receive 20% by acquiring additional capital in EVR, and South Korea’s Posco will exchange its stake in two Teck coal operations for 3% in Elk Valley Resources’ steelmaking coal business. The transaction is expected to be completed in the third quarter of 2024, with a total transaction value of $9 billion.