TIDMGLEN
RNS Number : 3811U
Glencore PLC
02 December 2021
Glencore plc
Baar, Switzerland
2 December 2021
Glencore publishes 2021 Climate Report
Today, Glencore published its 2021 Climate Report on our website
. This year's report provides an update on our progress against our
emission reduction targets and incorporates our annual review of
our industry organisations' positions on climate change.
Our purpose is to responsibly source the commodities that
advance everyday life. Our unique business model enables us to
produce, recycle and market the materials needed to decarbonise
energy, while simultaneously reducing our own emissions. Our
portfolio's diversity underpins our strategic ambition to play a
leading role in enabling the decarbonisation of global energy
demand through supplying metals such as copper, cobalt, zinc and
nickel that are essential to the transition to a low-carbon
economy.
We recognise our stakeholders' interest in climate change and
their expectation for Glencore to align its business strategy with
the goals of the Paris Agreement. In December 2020, we published
our first three-yearly climate action transition plan, Climate
Report 2020: Pathway to Net Zero . This report received over 94% of
shareholder approval at our 2021 AGM. At each AGM, our shareholders
will have an advisory vote on this plan and its intervening
progress reports, of which this report is the first one.
During 2021, we strengthened our commitment to reducing our
total emissions footprint - Scope 1, 2 and 3 - which underpins our
ambition to be a net-zero emissions company by 2050. Our revised
targets are:
-- 15% by 2026 on 2019 levels; and
-- 50% by 2035 on 2019 levels
Gary Nagle, chief executive officer, commented,
"Our targets and ambition reflect our commitment to align our
business strategy with the goals of the Paris Agreement and our
ongoing engagement with our key stakeholders including the Climate
Action 100+ group of investors.
"We were the first company in our sector to put our climate
strategy to a shareholder vote, and were encouraged by the very
strong support (94.4%) we received at this year's AGM. We have been
working to embed our strategy across all parts of our business, and
I am confident we are on track to meet our Scope 1, 2 and 3
targets."
As set out in our Climate Report 2020, we identified seven
pathways to delivering our targets and ambition. Our Climate Report
2021 reports on the progress made against these pathways:
1. Managing our operational footprint: reducing our Scope 1 and
2 emissions. We are utilising our Marginal Abatement Cost Curve
(MACC) to assess viable and economic abatement opportunities. The
volume of value-accretive Scope 1 and 2 MACC opportunities doubled
in 2021.
2. Reducing Scope 3 emissions: our diverse portfolio uniquely
allows us to address this portion of our footprint through
investing in our metals portfolio, reducing our coal production and
supporting deployment of low emission technologies. During the
year, we committed to more aggressive total emission reductions
with a new short-term 2026 target and a 10% increase in our 2035
target to 50% emissions reduction.
3. Allocating capital to prioritise transition metals: investing
in the commodities the world needs. We allocate around 75% of our
capital expenditures to transition metals.
4. Collaborating with our value chains: working in partnership
with our customers and supply chain to enable greater use of
low-carbon metals and support progress towards technological
solutions. In 2021, Glencore signed long-term supply agreements
signed for green aluminium and cobalt, including Natur-Al aluminium
to Hammerer, partially recycled cobalt to FREYR and the long-term
supply of cobalt to Britishvolt.
5. Supporting uptake and integration of abatement: an essential
contributor to achieving low- or net zero carbon objectives. We
signed a memorandum of understanding with China Huaneng for
cooperation on CCUS technology, commencing with our CTSCo project
in the Millmerran power station in Australia.
6. Utilising technology to improve resource use efficiency:
contributing to the circular economy. We are one of the world's
largest recyclers of end-of-life electronics, batteries and battery
metals. We plan to grow our global footprint in current and new
markets.
7. Transparent approach: reporting on our progress and
performance. We report annually on our performance in delivering
our Climate Action Transition Plan, and provide our shareholders
with an advisory vote on its progress.
During the year, we also revised our internal climate change
governance framework to drive implementation of the climate
strategy and the supporting work programmes. Our new Climate Change
Taskforce (CCT) is responsible for overseeing our climate strategy
and progress against our climate commitments.
It is accountable to our Board of Directors, to whom it provides
regular progress and status updates. Its members include our Chief
Executive, Chief Financial Officer, Head of Industrial Assets and
General Counsel, as well representatives from key corporate
functions including investor relations, finance and sustainable
development. Commodity departments, including heads of the
departments and nominated representatives, participate in the
working groups that support the CCT.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 responsibly-sourced commodities that advance everyday
life. The Group's operations comprise around 150 mining,
metallurgical and oil production assets.
With a strong footprint in over 35 countries in both established
and emerging regions for natural resources, Glencore's industrial
activities are supported by a global network of more than 30
marketing offices. Glencore's customers are industrial consumers,
such as those in the automotive, steel, power generation, battery
manufacturing and oil sectors. We also provide financing, logistics
and other services to producers and consumers of commodities.
Glencore's companies employ around 135,000 people, including
contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative. Our ambition is to be a net
zero total emissions company by 2050.
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