Institutional investors request Glencore to justify thermal coal development

Written by Adam Cadle

09/01/2023

Institutional investors with $2.2trn in assets are requesting commodity giant Glencore to display how its development of thermal coal mines meets the goals of the Paris climate accord to keep global warming to 1.5 degrees.

In a joint statement, the institutional investors including Legal and General Investment Management (LGIM) said they have co-filed a shareholder resolution that asks Glencore to reveal how its production and capital expenditure plans align with the Paris goals and the International Energy Agency Net Zero Emissions pathway.

Other investors include HSBC Asset Management and Australian pension fund Vision Super.

The resolution is to be presented for a vote at Glencore’s annual shareholder meeting in 2023.

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