ACCR Company Engagement Glencore Plc

Glencore Plc is a multinational mining and commodity trading company.

Glencore plc (LSE:GLEN) produces, refines, processes, stores, transports, and markets metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania.


Glencore is the biggest producer of thermal coal in Australia. Glencore has plans for new and expanded coal mines, including a greenfield coal mine in Qld. ACCR undertook an analysis of Glencore’s progress on its climate plan, finding the company’s forward coal production and emissions targets are not aligned with the goals of the Paris Agreement. ACCR also released a short report into the super-emitting Glencore Hail Creek coal mine, estimating the company is materially underestimating fugitive methane emissions from coal operations in Australia.


Glencore’s 2023 AGM saw record votes against the company, with 30% of shareholders voting against its Climate Plan and 29% voting for a co-filed resolution requesting the board include greater disclosures of the emissions and capex alignment of its thermal coal business.

Updates

  1. Research

    Analysis: Glencore’s 2024-2026 Climate Action Transition Plan

    Glencore’s 2024-2026 Climate Action Transition Plan (CATP) moves the company further from aligning to a net zero emissions pathway.

  2. Insights

    Investor Bulletin: Response to Glencore’s updated climate plan

    Despite escalating investor concerns around the company’s exposure to climate risk, Glencore walks away from aligning to a net zero emissions pathway.

  3. Media release

    Coal miner Glencore defies investors - places reckless bet against the energy transition

    ACCR is commenting on the release of Glencore plc’s Climate Action Transition Plan.

  4. Insights

    Investor Bulletin: Countdown to release of Glencore’s climate plan

    Glencore’s upcoming Climate Action Transition Plan is a test for the company and its ability to respond to shareholder expectations.

  5. Insights

    Investor Bulletin: Glencore’s Teck deal invites investor scrutiny

    Glencore’s acquisition of Teck's long-term metallurgical coal mines further strains its standing on climate.

  6. Insights

    Investor Bulletin: Opportunities for improving Glencore’s 2023 Climate Report

    As Glencore plc prepares its 2023 Climate Action Transition Plan, investors and the company have an opportunity to improve its strength and credibility.

  7. Insights

    Investor Bulletin: Glencore’s door open for engagement

    Feedback for investors concerned about Glencore’s inadequate Climate Report and thermal coal expansion in Australia.

  8. Media release

    “Impossible for Glencore to ignore”: Coal-mining giant hit with large shareholder vote on thermal coal risk at AGM

    29.22% of Glencore shareholders voted in support of the thermal coal resolution. The result is a clear indication that institutional capital is increasingly alert to the risks of thermal coal and investors expect disclosures that enable them to navigate energy transition risks.

  9. Media release

    “Missed opportunity”: Glencore ignores major investors’ calls for transparency on thermal coal as crucial climate-vote looms

    Major institutional investors have expressed disappointment at the decision by Glencore’s board to decline the request for greater transparency.

  10. Insights

    Investor Bulletin: Case for support of the Glencore thermal coal disclosure resolution

    A response to Glencore’s Notice of Meeting and the case for support of the thermal coal disclosure resolution.

  11. Shareholder Resolution

    The Statement of Indicative Support for the Glencore Thermal Coal Resolution

    Statement of indicative support for investors and their representatives for the terms of the shareholder resolution to Glencore plc.

  12. Insights

    ACCR Presentation on Glencore 2023 AGM

    Webinar to present our assessment of Glencore's 2022 Climate Report and the thermal coal resolution.

  13. Media release

    Surge in investors demanding greater transparency from Glencore on thermal coal production

    Nine institutional investors have publicly backed a shareholder resolution seeking greater transparency on Glencore’s thermal coal production.

  14. Research

    Pre-AGM analysis: Glencore plc 2023

    Research presentation for investors, covering our analysis of Glencore’s 2022 Climate Report; updated analysis on forward coal emissions; the Teck bid; and the co-filed shareholder resolution on thermal coal disclosure.

  15. Media release

    New research raises doubts about Paris-alignment of mining giant Glencore - increasing pressure as the company faces a shareholder resolution on thermal coal.

    ACCR released research showing that based on current disclosures by Glencore and its stated strategy, the company’s forecast cumulative emissions from coal production do not appear to be Paris-aligned.

  16. Research

    Analysis of Glencore’s forward coal emissions profile

    Based on current disclosures by Glencore and its stated strategy, the company’s forecast cumulative emissions from coal production do not appear to be Paris-aligned.

  17. Media release

    Global investors unite on first ever shareholder resolution targeting Glencore’s coal production

    ACCR is commenting on the first time investors have filed a climate resolution specifically focusing on Glencore’s thermal coal production.

  18. Shareholder Resolution

    Shareholder Resolution to Glencore PLC on thermal coal production

    A global coalition has filed a Shareholder Resolution to Glencore PLC (LON:GLEN) seeking greater insights into the specific plan to align thermal coal production.

  19. Insights

    Investor Bulletin: Monitoring Glencore’s climate commitments

    Glencore’s planned coal expansion and growth in coal emissions is overshadowing the future facing minerals portfolio of the business.

  20. Research

    Investor Bulletin: Monitoring Glencore’s climate commitments

    Glencore’s planned coal expansion and growth in coal emissions is overshadowing the future facing minerals portfolio of the business.

  21. Media release

    Glencore acknowledges folly of coal expansion - cancels massive proposed greenfield coal mine in Australia

    ACCR  is commenting on Glencore withdrawing applications for approval for its Valeria greenfield coal mine.

  22. Media release

    Heritage preserved: Glencore’s coal mine refused

    ACCR is commenting on the decision made today to refuse Glencore’s Glendell coal mine proposal due to heritage impacts.

  23. Media release

    Glencore knew of coal’s “gaseous nature” - action required on methane pollution

    Methane measurement technology is improving all the time, and coal miners like Glencore cannot continue to bat off the unwanted attention on Scope 1 emissions.

  24. Media release

    Glencore must step up after shareholder dissent to Climate Progress Report

    ACCR has released a letter to Glencore with five recommendations that would go towards addressing shareholder's climate plan concerns.

  25. Media release

    Glencore shareholders deliver rebuke to board over coal plans

    ACCR is commenting on the results of the Glencore annual general meeting (AGM), held yesterday in Zug, Switzerland.

  26. Media release

    New research: ‘Damning’ - Glencore’s emissions baseline understated by at least 24%

    ACCR has published new analysis of the impact of underreported methane emissions on Glencore’s operational emissions footprint.

  27. Research

    Glencore’s Methane Problem

    Analysis of Glencore’s underreporting of methane emissions

  28. Media release

    Cognitive dissonance: Glencore’s coal expansion plans are not ‘responsible’

    ACCR is calling on Glencore shareholders to oppose Glencore’s second ‘Say on Climate’ (vote on progress), and the re-election of Peter Coates.

  29. Research

    Glencore Plc: Assessment of progress against its climate plan

    ACCR believes the overwhelming support Glencore received for its climate plan in 2021 was unwarranted, and there is ample reason to vote against its climate plan and progress at the 2022 AGM.