Glencore coal production plans under scrutiny

Glencore is coming under pressure to clarify its plans in the thermal coal sphere, with the the Australasian Centre for Corporate Responsibility (ACCR) outlining key concerns. The ACCR said it had written to Glencore in the aftermath of an AGM where 24 per cent of shareholders voted against the company's 2021 Climate Progress Report. It said it had raised concerns with Glencore's pursuit of new and expanded thermal coal mines in Australia, in contrast to the company’s stated commitment to emissions reductions in line with net zero and 1.5C. Related: Glencore CCS project attracts $20m backing Satellite data had also demonstrated that Glencore’s Australian coal mines are potentially underreporting fugitive methane emissions, it said. “Six weeks ago Glencore received a clear message from almost a quarter of its shareholders: fix your climate plan and your approach to coal," ACCR strategic projects lead Naomi Hogan said. “There is currently a disconnect between Glencore’s statements on coal and climate change and the activities of its coal subsidiaries in Australia. “Now is not the time for double speak and confusion around Glencore’s forward coal portfolio. “In Australia, Glencore is advocating for large new and expanding thermal coal projects well into the 2040s and beyond. “Glencore is pushing ahead with several expansion plans, two potential new greenfield coal mines and seeking more coal exploration licences. “Investors clearly share ACCR’s concerns about the company’s coal expansion plans. To better assess the risk, more granular disclosures are required from Glencore on its coal production projections." Related: Valeria plans advancing through approvals stream Glencore's project pipeline includes the $1.5 billion Valeria coal project about 27km north-west of Emerald, which has been declared a coordinated project by Queensland’s independent Coordinator-General. In response to queries on the ACCR's statements, a Glencore spokesman said: “We continue to engage with our stakeholders regarding our Climate Transition Action Plan so as to ensure that their views are fully understood.” The company has signposted its ambition to be a net-zero emissions company by 2050. A report released by the Minerals Council of Australia (MCA) last year pushed the case for continued thermal coal mining in Australia as global climate concerns grow, saying the home-grown black stuff is a better product which delivers a more efficient outcome than coal mined elsewhere.

Glencore coal production plans under scrutiny

Industry Queensland

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