Glencore provides update on its transition to low-carbon economy
JOHANNESBURG (miningweekly.com) – Diversified mining and marketing company Glencore on Tuesday published an update on its performance in transitioning towards a low-carbon economy.
This follows its climate change position statement of February 2019.
On Paris-consistent strategy and capital discipline, the London- and Johannesburg-listed company projected 30% reduction in absolute scope 3 emissions by 2035, taking into account the natural depletion of its oil and coal resource base over time.
Its 2019 capital expenditure was weighted towards energy transition materials, including African copper and cobalt and nickel in Canada.
On the new scope 1 and 2 targets, the company, headed by CEO Ivan Glasenberg, stated that it was on track to achieve a near doubling of its first greenhouse gas reduction target of reducing emissions intensity by at least 5% by 2020 compared with a 2016 base line.
“We expect to achieve a c.10% reduction,” the company said in a release to Mining Weekly.
Its new longer-term scope 1 and 2 targets that support the Paris goals would be announced during 2020.
Alignment with the Task Force on Climate Financial Disclosures (TCFD) recommendations and the TCFD disclosure in its annual reporting was continuing, with details of its performance scheduled to be published in its Annual Report 2019 later this month.
“We are incorporating climate change into operational planning, most recently in our new tailings storage facility protocol,” the company said, adding that it remained committed to its coal production cap of approximately 150-million tonnes.
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