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Glencore sets 25% emissions reduction target in new climate plan

Glencore logo

Photo by Bloomberg

20th March 2024

By: Marleny Arnoldi

Deputy Editor Online

     

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Global miner Glencore confirms in its latest Climate Action Transition Plan (CATP) for 2024 to 2026, published on March 20, that it is on track to achieve its emission reduction targets of 15% by end-2026 and 50% by 2035 across Scope 1, 2 and 3 industrial carbon dioxide emissions.

The company also maintains its 2050 ambition of reaching net-zero carbon emissions.

In the CATP, Glencore also introduces a new interim target of a 25% reduction in emissions by end-2030.

All its emission reduction targets are measured against a 2019 baseline.

“Our 2024 to 2026 CATP reflects a range of inputs, including analysis of the evolving market landscape, new regulatory requirements, mining and energy peer approaches, latest modelling by the International Energy Agency and stakeholder inputs,” says CEO Gary Nagle.

The company remains focused on implementing its Marginal Abatement Cost Curve initiatives, where practicable and economically viable, as well as phasing down its thermal coal operations.

Glencore also continues to produce and recycle commodities that are key components of current cleaner transition technologies, while supporting the energy needs of today.

Nagle says the pace and pathway of the group’s decarbonisation are heavily influenced by geopolitics, policy direction and technological innovation. He adds that the CATP is flexible to accommodate for external economic and political factors, while sustaining targets.

While Glencore’s Scope 1 and 2 industrial emissions reflect a small proportion of its overall emissions footprint, these factors are within its control and therefore the company is developing solutions to address them, including electrification and alternative fuel.

The group’s Scope 3 industrial emissions relate mostly to the use of thermal and steelmaking coal, which have different transition pathways.

Glencore has committed to not progress any greenfield thermal coal investments, as well as phase down existing thermal coal plants.

On the steelmaking coal side, Glencore is acquiring a 77% interest in Teck Resources’ steelmaking coal business, Elk Valley Resources, which is expected to close in the third quarter.

Glencore says steelmaking coal is an important transition-enabling commodity as it is an input into much of the world’s steelmaking in its current form. Steel is used for construction of various infrastructure, including wind turbines.

Glencore continuously engages with stakeholders on decarbonisation matters and climate change overall to inform its plans. Its CATP will be updated every three years.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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