Coal Miner Glencore Promises To Reduce Carbon Emissions By 30% By 2035

While unwilling to set any form of climate targets for the company, the mining giant Glencore has claimed that it expects to reduce about 30 per cent of its carbon footprint by 2035.

This, according to the company, will be achieved by a gradual reduction in coal production, primarily because of the “natural depletion” of its coal reserves because.

Last year the company had promised investors of putting a cap on coal production. On Thursday, the company said that it will close down its Colombian mines which will help it to reduce production of coal. Less coal might also be mined by it from its facilities in Australia and South Africa.

While also pledging to disclose its contribution to the climate change, the Switzerland-based miner has also said starting from April this year, it would detail its plans of aligning its business with the Paris climate goals before the investors.

But since Glencore does not include the so-called scope 3 emissions, the company has not yet set itself a target to reduce its full climate impact. The scope 3 emissions also accounts for the carbon emissions generated by the burning of coal that the company sells.

Reacting to the climate target announced by BP of becoming a “net zero” company by 2050, the chief executive of Glencore, Ivan Glasenberg, said that targets like those were “wishy-washy” since such goals were “a long way out” of the capacity of such big companies.

“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,” a statement from Glencore said. “Starting in 2020, we will start disclosing our longer-term projections for the intensity reduction of scope 3 emissions, including mitigation efforts.”

The current carbon emission targets of the mining company includes only the greenhouse gas emissions id makes directly as well as emissions resulting from its operations. Between 2016 and 2020, Glencore has cut these emissions by 10 per cent after it had pledged only a 5 per cent cut.

New longer-term targets that “support the Paris goals” will be set out by it later this year, the company promised.

Over the last few years, there has been a trend among big economies to choose ot promote p-power generation from gas instead of coal as well a mining companies slowing moving way from coal to commodities that can help to support a low-carbon future which means that the emissions in the coalmining sector are likely to fall over the next decade and Glencore is the first big mining company to detail how that will happen.

Last year, it focused its investments towards “energy transition materials” such as copper, cobalt and nickel, which are used for manufacturing of batteries and electric vehicles, Glencore said. Irt is expected that the growing demand from global economies for greater use of renewable energy to power homes and cars, there will be rise in growth of demand for those materials.

The company was also “spending a lot of money on carbon capture” technology which could be used for bringing down the climate impact of coal, Glasenberg said. Such technologies include trapping emissions from coal before they get diffused in the air or contribute to global warming. .

(Adapted from TheGuardian.com)



Categories: Creativity, Economy & Finance, Regulations & Legal, Strategy, Sustainability, Uncategorized

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