By Jaime Llinares Taboada

 

Glencore PLC on Friday pledged to reduce its emission footprint by 40% by 2035--compared with 2019 levels--through investing in metals and reducing coal production.

The FTSE 100 miner also stated its ambition of achieving net-zero emissions by 2050 with a supportive policy environment.

Glencore's commitment targets scope 1, 2 and 3 emissions, which include all indirect emissions that occur in the company's value chain.

Chief Executive Ivan Glasenberg said that Glencore is one of the largest producers of copper, cobalt and nickel--metals that will be essential in the transition to a low-carbon economy. "As the world prioritizes 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," he said.

However, the CEO said fossil fuels will continue to be important for many years to come, and coal production will remain a part of Glencore's business. "We do not believe that selling our coal mines would help reduce the associated emissions," Mr. Glasenberg said.

Glencore in October said that it expects to produce around 109 million tons of coal, 1.25 million tons of copper, 28,000 tons of cobalt, and 114,000 tons of nickel in 2020.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

December 04, 2020 08:18 ET (13:18 GMT)

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