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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below
🗞️ Driving the news: Two of Glencore’s largest institutional shareholders, BlackRock and MFS Investment Management, voted against its climate plan during its annual general meeting, indicating an unusual split over environmental policy
• Despite the disagreement from BlackRock and MFS, 70% of shareholders approved Glencore's climate plan
🔭 The context: As the world's top coal miner in terms of profitability, Glencore faces increasing investor queries about its emission reduction strategies while maintaining coal production
• It recently made a bid to acquire Teck Resources, a miner of coal used in steel making as well as base metals
🌍 Why it matters for the planet: Glencore's ambitions to expand coal operations raise concerns amidst global efforts to combat climate change
• The company’s simultaneous commitment to achieve net-zero emissions by 2050 underscores the tension between economic interests and environmental imperatives
⏭️ What's next: After the vote, Glencore is engaging in consultations with key shareholders concerning its climate plan and shareholder resolutions
• If the acquisition discussions with Teck Resources succeed, Glencore intends to spin out the integrated coal businesses as an independent entity
📈 One stat: Glencore's total emissions for 2022 stood at roughly 370 million tonnes of CO2 equivalent, mostly from indirect emissions arising from customers burning coal
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