Commodities giant Glencore to cap coal output over climate
Source: Associated Press
Commodities giant Glencore to cap coal output over climate
February 20, 2019
BERLIN (AP) — Commodities giant Glencore said Wednesday it will cap how much coal it mines amid shareholder pressure for it to help reduce global emissions of greenhouse gases.
The move is a sharp reversal for a company that has long championed the extraction and burning of fossil fuels, and which recently announced the purchase of further stakes in two Australian coal mines even as rivals pulled out amid climate concerns.
Glencore said the decision was taken after consulting with investors, known as the Climate Action 100+ initiative, who have clubbed together to lobby for corporate action against climate change.
“As one of the world’s largest diversified mining companies, we have a key role in enabling transition to a low carbon economy,” the Switzerland-based company said.
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Read more: https://apnews.com/36cb82c37ec74cbeb9b300726558648a
