Diversified miner Glencore plans to publish an updated Climate Action Transition Plan, as well as to report on its progress against its industrial emission reduction targets and ambitions, in March.
The group on December 13 revealed that 30.25% of shareholders voted against the approval of the company’s 2022 Climate Report, while only 29.2% voted in favour of its next Climate Action Transition Plan, during the miner’s last annual general meeting (AGM) on May 26.
The company has undertaken a review of its Climate Action Transition Plan, following the commitment made at the 2021 AGM. Glencore sought investors’ views on expected changes in the updated plan during the consultation period.
"This process . . . has given us valuable insights into the evolution of shareholders’ views and voting approach on our progress and updated transition plan, representing a wide cross-section of shareholders who voted in different ways on these climate-related resolutions.
“We have reflected carefully on the feedback received and will continue to engage with shareholders and other stakeholders, as well as monitor external developments. Insights from this engagement have been and will continue to be factored into our internal deliberations,” Glencore said.
The company said its climate strategy was an important area of focus for its shareholders, and that there continued to be broad support for its climate strategy, which seeks to maintain resilience to the risks and opportunities of the evolving energy transition while maintaining focus on progressing towards the ambition of achieving a net-zero total industrial emissions footprint by 2050, assuming a supportive policy environment.
Glencore said the principal areas of interest for its shareholders included a comparison of its targets and ambition to all relevant International Energy Agency scenarios, including net-zero scenarios; understanding progress on industrial emissions reduction between Glencore's short-term target of 2026 and medium-term target of 2035; and integration of the recently announced acquisition of 77% of Teck’s Elk Valley Resources (EVR) steelmaking coal assets into the climate strategy.
In response to the constructive recommendations received, Glencore said it would maintain its commitment to reducing its total industrial emissions footprint and report on progress against its targets and ambitions.
Additionally, the company said it would update its assessment of the resilience of its portfolio and expand its analysis of its targets and ambitions against a range of climate policy scenarios.
Glencore also said that it would address the climate-related aspects of the proposed acquisition of EVR.