Glencore Reports Increased Emissions and Energy Use for 2023
Global diversified miner Glencore reported an increase in emissions and energy use for 2023 but emphasized its ongoing commitment to sustainable operations and evolving standards.
According to Glencore’s 2023 Sustainability Report, total energy use reached 202 PJ, up from 194 PJ in 2022. Renewable energy sources accounted for 5.4% of the total, down from 7.6% in the previous year.
Scope 1, 2, and 3 emissions totaled 433 million tonnes of CO2-equivalent, compared to 397 million tonnes in 2022. This includes 324 million tonnes from the use of sold products and 33 million tonnes from Glencore’s operations.
Despite the increase, these emissions are still an improvement from the 554 million tonnes of CO2-equivalent reported in 2019, attributed to reduced coal production. Glencore aims to reduce its emissions by 15% by 2026, 50% by 2035, and reach net zero by 2050, using 2019 as the baseline.
Water extraction decreased to 950 million cubic meters in 2023, down from 1.08 million cubic meters in 2022. However, the company incurred 28 water-related fines totaling $2.2 million, some for infractions over five years old. Glencore continues to enhance local water management targets.
No major environmental incidents or catastrophic tailings storage facility dam failures occurred in 2023.
Glencore has invested heavily in an ethics and compliance program following fines for bribery and securing improper business advantages.
The company paid $700 million to US authorities and £276 million in the UK. Independent compliance monitors began work in mid-2023 under US Department of Justice resolutions.
Chairperson Kalidas Madhavpeddi highlighted Glencore’s comprehensive sustainability approach, continuously improving policies and standards.
CEO Gary Nagle noted the incorporation of the Taskforce on Nature-related Financial Disclosures into the environmental governance framework. Glencore also updated its Climate Action Transition Plan for 2024-2026.
On social contributions, Glencore paid $12 billion to governments and spent $110 million on social programs in 2023. The company plans to launch a Social Contribution Framework aligned with the ICMM’s Socioeconomic Reporting Framework later this year.
Safety remained a priority, with four work-related fatalities reported in 2023. The total recordable injury frequency rate decreased to 2.1 from 2.22 in 2022.
Glencore expanded its Safework 2.0 assurance program and updated safety standards for lifting, cranage, and energy isolation activities.
