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.
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