Coal major Glencore has published its 2022 sustainability report, incorporating its ESG (environment, social and governance) data book and mapping its path to a more sustainable future.
“I am proud of the actions we are taking to progress our sustainability-related material topics,” Glencore chairman Kalidas Madhavpeddi said.
“Climate continues to be an important topic for our stakeholders and one on which I look forward to continued engagement. Following the 2022 AGM (annual general meeting), at which shareholders voted on the progress against our three-yearly Climate Action Transition Plan, we undertook an active engagement programme to understand better their views on our climate strategy.
“We have reflected carefully on the feedback received and will continue to engage with shareholders and other stakeholders, as well as monitor external market developments. Insights from this engagement have been and will continue to be factored into our internal deliberations.”
According to the report, Glencore is on track to meet its goal of a 15 per cent reduction in Scope 1, 2 and 3 emissions by the end of 2026 and a 50 per cent reduction by the end of 2035.
Glencore is also on track to achieve net-zero emissions by the end of 2050.
“We recognise our ongoing responsibility to not only deliver financial performance but also make a positive contribution to society and create lasting benefits for stakeholders in a manner that is responsible, transparent and respects the rights of all,” Glencore chief executive officer Gary Nagle said.
“We continue to responsibly manage down our energy production portfolio over time in line with our 2026 and 2035 emissions reduction targets and our 2050 net-zero ambition.”
The company spent $90 million on community development programs in 2022, a 33 per cent increase from 2021.
“The strength of our diversified business model with its focus on metals and energy, has proved itself adept in a range of market conditions, giving us a solid foundation to successfully navigate shorter-term challenges that may arise, as well as meet the resource needs of the future,” Nagle said.