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GLN: Climate Report 2020: Pathway to Net Zero.
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64
Baar, Switzerland
04 December 2020
CLIMATE REPORT 2020: PATHWAY TO NET ZERO
Glencore today announces its ambition to be a net-zero emissions company by
2050, and sets out how it plans to achieve this through:
- Our commitment to reducing our total emissions footprint – Scope 1, 2
and 3 – by 40% by 2035 on 2019 levels
- Our ambition of achieving net zero on our total emissions footprint by
2050, with a supportive policy environment
We will achieve this by:
1. Managing our operational footprint: reducing our Scope 1 and 2
emissions
2. Reducing Scope 3 emissions: our diverse portfolio uniquely allows us to
address this portion of our footprint through investing in our metals
portfolio, reducing our coal production and supporting deployment of
low emission technologies
3. Allocating capital to prioritise transition metals: investing in the
commodities the world needs
4. Collaborating with our value chains: working in partnership with our
customers and supply chain to enable greater use of low-carbon metals
and support progress towards technological solutions
5. Supporting uptake and integration of abatement: an essential
contributor to achieving low- or net zero carbon objectives
6. Utilising technology to improve resource use efficiency: contributing
to the circular economy
7. Transparent approach: reporting on our progress and performance
The world is facing the challenge of meeting the increasing energy needs of a
growing population, while radically reducing its carbon footprint. We
believe the commitments and trajectory we outline today show how we are part
of the solution.
Ivan Glasenberg, chief executive officer commented, “A significant portion of
Glencore’s earnings is derived from the metals and minerals that enable the
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transition to a low-carbon economy. As the world prioritises renewable
technologies, battery storage and electric mobility, our business is well-
positioned to meet the growing demand for the commodities that underpin these
future focused industries. 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.”
Our products enable the transition to a low-carbon economy. We are one of
the largest producers and suppliers of copper, cobalt and nickel – metals
that are essential to batteries used for electric vehicles and energy
storage, as well as the infrastructure required for the transmission of
renewable energy. The world needs these commodities if it is to achieve the
goals of the Paris Agreement and limit the rise of global temperatures.
The world is going to require many times more metal than is currently
produced. Glencore has a large production footprint and pipeline of projects
in the commodities needed to build renewable energy grids, electrify
transport and meet every day needs. We also operate a large recycling
business, through which we enable the reuse of critical products needed to
deliver the transition to a low-carbon economy.
The world today depends on fossil fuels – coal, natural gas and oil – to meet
its energy needs. Under all credible scenarios, fossil fuels (oil, gas and
coal) will continue to be an important part of the global energy mix for many
years to come. We do not believe that selling our coal mines would help
reduce the associated emissions. Responsible stewardship of our coal assets
and responsible reduction of our coal portfolio, while maintaining a focus on
our high-quality coal assets in Australia, supports our ambition to reduce
our total emissions to achieve net zero by 2050.
A low-carbon future requires low-carbon metals. As a mining and trading
company, we are uniquely positioned to work directly with our customers and
relevant industry groups to support and promote the greater use of low-carbon
metals, and to form strategic partnerships that enable critical transitions
in transportation, infrastructure and energy systems.
In line with the commitments we made in February 2020, we publish today our
Climate Report 2020: Pathway to Net Zero, which sets out our climate ambition
and the pathway to achieve it, and assesses our portfolio against principal
climate scenarios in the mid- and long-term.
The report aligns with the recommendations of the Taskforce for Carbon-
related Financial Disclosures, and focuses on strategy, governance, risk
management and metrics. Updates on performance will be included in our 2020
Annual Report and Sustainability Report.
We have also published our review of the positions on climate change taken by
the industry associations in which we participate. This review is available
here.
For further information, please contact:
Investors
Martin Fewings t: +41 41 709 m: +41 79 737 56 martin.fewings@glencore.com
28 80 42
Maartje Collignon t: +41 41 709 m: +41 79 197 maartje.collignon@glencore.com
32 69 4202
Media
Charles Watenphul t: +41 41 709 m: +41 79 904 33 charles.watenphul@glencore.com
24 62 20
Sustainability
Anna Krutikov t: +41 41 709 m: +41 79 737 55 anna.krutikov@glencore.com
34 26 82
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies
and a major producer and marketer of more than 60 commodities. The Group's operations
comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions
for natural resources, Glencore's industrial activities are supported by its global
marketing network.
Glencore's customers are industrial consumers, such as those in the automotive, steel,
power generation, battery manufacturing and oil sectors. We also provide financing,
logistics and other services to producers and consumers of commodities. Glencore's
companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human
Rights and the International Council on Mining and Metals. We are an active
participant in the Extractive Industries Transparency Initiative.
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and
distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for
convenience only where references are made to Glencore plc and its subsidiaries in general. These
collective expressions are used for ease of reference only and do not imply any other
relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to
refer collectively to members of the Group or to those who work for them. These expressions are
also used where no useful purpose is served by identifying the particular company or companies.
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Date: 04-12-2020 02:30:00
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