Investors with $2.2 trillion in assets ask Glencore to disclose thermal coal plans – by Cecilia Jamasmie (Mining.com – January 5, 2023)

https://www.mining.com/

Glencore (LON: GLEN) is facing fresh pressure from investors with $2.2 trillion in assets to disclose how the company’s projected thermal coal production aligns with the Paris Agreement’s objective to pursue efforts to limit the global temperature increase to 1.5°C.

Shareholders including Europe’s Legal and General Investment Management (LGIM) and HSBC Asset Management have filed a resolution demanding details on the matter, which will go to vote at Glencore’s annual meeting in May.

This is the first time investors have filed a climate resolution specifically focusing on the company’s thermal coal production, and it constitutes a significant escalation of pressure on Glencore, already on notice after nearly one quarter of shareholders rejected its climate plan in April 2022.

“As long-term investors, the ability to assess and evaluate companies’ exposure to financially material risks stemming from the energy transition is vital,” Dror Elkayam, Global ESG Analyst at LGIM said in a statement.

For the rest of this article: https://www.mining.com/investors-with-2-2-trillion-in-assets-ask-glencore-to-justify-thermal-coal-plans/