29th Apr 2022 10:13
(Alliance News) - Glencore PLC has promised to engage on its green plan after nearly a quarter of its shareholders rejected its 2021 climate progress report.
Glencore says in its 2021 sustainability report its "responsible stewardship" of coal assets was the "correct" way to meet its green ambitions. It also reaffirms its commitment to slash its carbon emissions footprint and become net-zero by 2050.
At an annual general meeting held on Thursday, 24% of shareholders voted against this report, with a majority of 76% giving it the thumbs-up.
The Baar, Switzerland-based commodity trader and miner said it recognised that some shareholders chose not to support this green resolution, while noting that it was approved by the majority.
"We will continue to engage with shareholders on our Climate Transition Action Plan so as to ensure their views are fully understood," it said, promising to publish an update on this engagement within six months from Thursday this week.
Glencore said last week it is not just that simply passing carbon-intensive assets to others will not get the world to net-zero.
Net-zero emissions mean that some greenhouse gases are still released, but these are offset by removing an equivalent amount of greenhouse gases from the atmosphere and storing it permanently in soil, plants or materials.
Glencore said it revised emissions targets are a 15% reduction by 2026 and 50% cut by 2035.
Shares in Glencore rose by 1.1% to 488.85 pence on Friday morning in London, and they were up 0.3% at ZAR97.35 in Johannesburg.
By Artwell Dlamini; [email protected]
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