Glencore Begins Turn Away from Coal, to Re-balance Portfolio
20 Febbraio 2019 - 9:26AM
Dow Jones News
By Oliver Griffin
Glencore PLC (GLEN.LN) said Wednesday that it will rebalance its
portfolio toward commodities that support the transition to a
low-carbon economy, limiting its coal-production capacity broadly
at current levels.
The Anglo-Swiss commodity trader said it will prioritize its
capital investment to grow production of commodities essential to
the energy and mobility transition.
The company said it will invest in assets that are resilient to
regulatory, physical and operational risks related to climate
change.
Glencore said it will also consider whether its membership in
relevant trade associations aligns with its new position. The
result of this review and plans to address any "misalignments" it
identifies will be made public in 2019, it said.
The Australasian Centre for Corporate Responsibility welcomed
the news, saying the move was unprecedented and that the
announcement represents "peak coal" for Glencore.
"Given Glencore only acquired Rio Tinto's thermal coal business
in 2017, and its previous bullish statements about the future of
coal, this is an extraordinary about-face," said Dan Gocher, the
ACCR's director of climate and environment said
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
February 20, 2019 03:11 ET (08:11 GMT)
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