Major shareholder voted against Glencore’s climate report as miner eyes Teck’s coal unit – by Naimul Karim (Financial Post – September 7, 2023)

BlackRock concerned about ‘inconsistencies’ in strategy

BlackRock Inc. has revealed it didn’t support Glencore PLC‘s climate-resolution proposal at the miner’s annual general meeting in May.

In a report published late last month, BlackRock, a major Glencore shareholder, said that although Glencore improved its disclosure of climate-related risks and opportunities, it is “concerned” that aspects of the mining giant’s climate proposals and “recent developments have pointed to inconsistencies in the company’s stated strategy.”

The move echoes concerns raised by some Canadian politicians earlier this year over Glencore’s failed attempts to take over Teck Resources Ltd., Canada’s largest diversified miner.

British Columbia Premier David Eby in April said he felt Glencore would struggle to meet his province’s high environmental, social and governance (ESG) standards, while some mayors of towns that host Teck’s steelmaking coal mines said a deal with the Swiss mining giant would hurt the region’s image since it would connect Teck to Glencore’s heavy reliance on thermal coal, which is a major carbon emitter.

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