The Swiss mining giant will not set any specific climate targets for the company, but expects its total carbon emissions to gradually drop by 30% within the next 15 year.
This is due to the ‘natural depletion’ of coal reserves leading to less coal being produced.
Last year, the company promised its investors that it would cap its production of coal. On Tuesday it announced that the closure of its Columbian mines would lead to a drop in production, with the possibility of their mines in South Africa and Australia producing less coal too.
Glencore pledged to show investors that it is aligning itself with the Paris climate targets, committing to full transparency with regard to its attempts to reduce its environmental impact.
The company has not set any targets to reduce its overall impact on the climate as it does not currently account for the emissions that are produced when the coal it sells is used up.
Chief executive of Glencore, Ivan Glasenberg, explained that climate targets such as BP’s aim to be ‘net zero’ by 2050 are ‘wishy-washy’. This is because the goals are ‘a long way out’.
A statement from Glencore said: “As we rebalance our portfolio towards commodities supporting the transition to a low-carbon economy, we expect the intensity of our scope 3 emissions to decrease.
“Starting in 2020, we will start disclosing our longer-term projections for the intensity reduction of scope 3 emissions, including mitigation efforts”.
The company’s current climate targets take emissions from its operations into account, as well as its own direct greenhouse emissions. After promising to reduce emissions by 5%, Glencore has managed to cut these emissions by 10% between 2016 and 2020.
Longer-term targets that ‘support the Paris goals’ are expected to be announced by Glencore later this year.
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