Glencore has a warming climate of distrust
Glencore (GLEN.L) Chief Executive Gary Nagle’s climate credibility is under attack. Nearly a quarter of shareholders voted on Thursday against the 64 billion pound mining giant’s plans for reducing carbon emissions, mainly by gradually shutting coal mines up to 2050. Significantly, the conscientious objector camp was four times larger than a year ago, even though Glencore’s goals have actually toughened up. One conclusion is that investors think they’re still not tough enough – the International Energy Agency says even developing countries should stop burning coal by 2040, not 2050. Another conclusion is that investors may not trust Nagle to stick to them.