Glencore’s 2023 Carbon Emissions Rise 8.8% Despite New Climate Plan
In its latest Climate Action Transition Plan (CATP) spanning from 2024 to 2026, global mining giant Glencore affirms its commitment to meeting emission reduction targets.
Published on March 20, the CATP outlines Glencore’s trajectory to achieve a 15% reduction in emissions by the end of 2026 and a more ambitious 50% reduction by 2035, encompassing Scope 1, 2, and 3 industrial carbon dioxide emissions.
Moreover, Glencore maintains its long-term vision of achieving net-zero carbon emissions by 2050.
The CATP introduces a new interim target of a 25% reduction in emissions by the end of 2030, all measured against a 2019 baseline.
CEO Gary Nagle emphasizes, “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 modeling by the International Energy Agency, and stakeholder inputs.”
Glencore remains dedicated to implementing Marginal Abatement Cost Curve initiatives and scaling down its thermal coal operations wherever feasible and economically viable.
Nagle underscores that the pace and direction of Glencore’s decarbonization journey are influenced by geopolitical dynamics, policy shifts, and technological advancements. He stresses the CATP’s adaptability to external economic and political factors while staying committed to targets.
While Scope 1 and 2 industrial emissions represent a small fraction of Glencore’s overall emissions footprint, the company is actively pursuing solutions like electrification and alternative fuels to address them.
Regarding Scope 3 industrial emissions, primarily stemming from thermal and steelmaking coal, Glencore acknowledges the need for distinct transition pathways. It has pledged to halt new greenfield thermal coal investments and phase out existing thermal coal plants.
On the steelmaking coal front, Glencore is finalizing the acquisition of a 77% interest in Teck Resources’ steelmaking coal business, Elk Valley Resources, anticipating completion in the third quarter.
Steelmaking coal plays a critical role in enabling the transition due to its importance in global steel production, essential for infrastructure development such as wind turbines.
Glencore actively engages with stakeholders on decarbonization and climate change issues, informing its strategies. The CATP will undergo updates every three years, reflecting the company’s ongoing commitment to environmental stewardship and sustainable practices.
SOURCE:mining.com
