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BlackRock breaks with Glencore over environment policy

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By illuminem briefings

· 2 min read

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

Click for more news covering the latest on social responsibility

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