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Glencore commits to net zero emissions by 2050

Through reducing its direct and indirect carbon footprint by 40% by 2035.
Image: Simon Dawson/Bloomberg

Miner and trader Glencore said on Friday it aimed to reach net-zero emissions by 2050 through reducing its direct and indirect carbon footprint by 40% by 2035 compared to 2019 levels.

Miners are under pressure to cut carbon emissions as part of global efforts to slow down climate change, with investors turning up the heat in recent years by divesting and asking for more disclosure.

The company, which mines coal, copper, cobalt among other metals, said it would also focus on investing in metals that were vital for the transition to a lower carbon world.

“Our ambition to be a net zero total emissions company by 2050 reflects our commitment to contribute to the global effort to achieve the goals of the Paris Agreement,” CEO Ivan Glasenberg said in an update to investors.

Glencore sought to highlight its exposure to key battery metals and said its share of earnings from thermal coal has fallen to 10-15% from 25-40%.

But the miner remains the world’s largest coal exporter and said it did not believe that selling its coal mines would help reduce associated emissions.

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