https://www.miningweekly.com

Glencore chairman Hayward defends climate policy

28th May 2020

By: Reuters

  

Font size: - +

LONDON/JOHANNESBURG – Glencore on Thursday defended its climate policy from activists who want targets set for the use of its products, with chairman Tony Hayward saying the miner's current plan will cut greenhouse gas emissions.

Pressure on miners has mounted after Norway's $1 trillion wealth fund this month said it would sell its Glencore shares because it produces coal.

In a call ahead of an annual general meeting on June 2, activist charity ShareAction said Glencore should align its policy with the Paris climate goals by setting targets for Scope 3 emissions, which are generated when its products are used.

Glencore, which is the world's largest exporter of seaborne coal, says it should exceed plans to lower direct and indirect emissions from its operations but has not set Scope 3 targets.

It instead provided a projection for those emissions to decline 30% by 2035 mainly because of falling coal output.

"I don't want to get into a debate about semantics between projections and targets," Hayward, also former CEO of BP, told shareholders.

"The projection we have made is a direct consequence of the capital allocation we are making and I think it's much more robust than the so-called targets that other people have out there."

Among other miners, BHP and Brazilian miner Vale have pledged to set scope 3 goals, while Rio Tinto shareholders earlier this month voted against forcing the miner to set a target.

Miners say measuring emissions is complex and they have little control over the supply chain.

Glencore also faces opposition from shareholders advisor Pensions & Investment Research Consultants (Pirc), which opposes Hayward's re-election because of his time at BP during the Deepwater Horizon spill in the Gulf of Mexico.

Pirc said Hayward could not be considered independent after more than nine years at the helm of the Glencore board.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION