Glencore’s 2022 annual report and climate report detail the company’s actions towards reaching its climate strategy.
The annual report details how the company continues to support the transition to a low-carbon economy while meeting the need for universal access to reliable energy.
Glencore said it remains focused on operating responsibly and ethically by creating sustainable long-term value for all its stakeholders.
“We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement by decarbonising our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions,” the company said in an announcement.
The Glencore climate report provides an update on the progress the company has made on implementing its Climate Action Transition Plan, Pathway to Net Zero, originally published in 2020.
The report highlights the company’s increase in transparency based on feedback received from extensive shareholder consultations following the 2021 climate progress report and disclosure of its direct advocacy linked to climate-related topics.
Glencore’s annual review found that 75 per cent of its capital expenditure was spent on sustaining and expanding its metals operations and 25 per cent was used in the responsible management of its energy portfolio in 2022.
Glencore chairman Kalidas Madhavpeddi said the company has continued to actively respond to the challenges of climate change and to take action to deliver its strategies.
“I am proud of the progress we are making in delivering our climate commitments and believe our holistic approach to supporting the global transition to a low-carbon economy,” Madhavpeddi said.
Glencore also announced it will hold its 2022 annual general meeting on 26 May 2023.