Glencore intends to focus on investing in transition metals including copper, cobalt and metals for a low carbon future as the company transitions to a new leadership team.
The company will aim to achieve a 40 per cent reduction in its scope one, two and three emissions by 2035 (compared with 2019 levels) to achieve net zero emissions by 2050.
Its strategy also includes working with its customers and supply chain to use low-carbon materials, while using technological solutions to improve resource efficiency.
Glencore chief executive Ivan Glasenberg, who will retire from his role next year, said that the company was well positioned to meet demand of commodities used in renewable technologies.
“A significant portion of Glencore’s earnings is derived from the metals and minerals that enable the transition to a low-carbon economy,” he said.
“As the world prioritises renewable technologies, battery storage and electric mobility, our business is well-positioned to meet the growing demand for the commodities that underpin these future focussed industries.
“Our ambition to be a net zero total emissions company by 2050 reflects our commitment to contribute to the global effort to achieve the goals of the Paris Agreement.”
As one of the largest global suppliers of copper, cobalt and nickel, Glencore highlighted the necessity of these metals for batteries, electric vehicles and energy storage.
“The world is going to require many times more metal than is currently produced,” Glencore stated.
“Glencore has a large production footprint and pipeline of projects in the commodities needed to build renewable energy grids, electrify transport and meet every day needs.”
Glencore has also expressed support for its coal portfolio, stating that selling it will not reduce associated emissions.
The company flagged that it might reduce its coal portfolio while maintaining its “high quality coal assets in Australia” as part of its responsible stewardship.