Global mining giant Glencore is on course to release an updated climate action transition plan in March 2024, said the company on December 13.

This decision came after some investors, including prominent shareholder BlackRock, rejected its climate progress report and the company decided to buy Canadian miner Teck Resources' coking coal business.

During Glencore's annual meeting in May, over 30% of shareholders voted against the company's climate report, emphasizing the need for clearer strategies to meet emission reduction targets.

Additionally, approximately 29% of shareholders supported a resolution that called for increased disclosure on the progress of reducing thermal coal production, which is known to have significant environmental impacts.

In November, Glencore agreed to acquire the steelmaking material business of Canadian miner Teck Resources, setting the stage for the eventual separation of Glencore's entire thermal and metallurgical coal operations within two years of the deal's completion.

The company stated that it will address the climate-related aspects of this acquisition, and has committed to engaging with shareholders and other stakeholders while closely monitoring external developments.

Major corporations worldwide have increasingly published their first climate action plans to cut emissions since 2020, in line with the objective of the 2015 Paris Agreement to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels.

(Writing by Riley Liang  Editing by Emma Yang)
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