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.
Burning coal for heat and electricity is a major source of carbon dioxide emissions, which contribute to man-made global warming.
Glencore said it will prioritize future investments to increase production of commodities "essential to the energy and mobility transition and to limit our coal production capacity broadly to current levels."
The company projects its global coal output this year will be 145 million metric tons.
Noting "the increasing risks posed by climate change," Glencore explicitly referenced the 2015 Paris climate accord, which set a target of keeping global warming well below 2 degrees Celsius (3.6 degrees Fahrenheit) by the end of the century compared with pre-industrial levels. But it also cited a U.N. goal of ensuring millions in the developing world get access to affordable fuel, which coal mining companies have frequently said justifies their operation.
PARIS (AP) — French President Emmanuel Macron is expected to outline his vision for Europe to become a more assertive global power against a backdrop of war in Ukraine and other security and economic challenges, in a speech on Thursday ahead of pivotal European Parliament elections in June.
The French president plans to focus on strategic and geopolitical issues in Europe, including defense, the economy, protecting the environment and safeguarding democracy, his advisers said. Russia’s war in Ukraine, now in its third year, is expected to be the main theme of the speech Macron will deliver at Paris’ Sorbonne University on Thursday.
France has been an firm supporter of Ukraine in its fight against Russian aggression, and Macron has often clashed with other Western leaders as he has insisted that Europe must stand by the country at any cost. Last month, the French president alarmed European leaders by saying that sending Western troops into Ukraine to shore up its defenses shouldn’t be ruled out.
Macron, a staunch European, is also expected to rally support for his centrist Renaissance party ahead of the June 6-9 elections for the European Parliament. The French president lost his majority in France’s most influential house of parliament, the National Assembly, after the 2022 election to the far-left coalition and the far-right National Rally party.
The social situation in France remains tense as Paris prepares to host the Olympic Games this summer, amid protests from teachers, police officers, and farmers in recent weeks. The protests follow huge demonstrations last year against Macron’s ultimately successful proposal to rise the retirement age.
French President Emmanuel Macron speaks during a media conference at an EU summit in Brussels, Thursday, April 18, 2024. European Union leaders on Wednesday debated a new "European Competitiveness Deal" aimed at helping the 27-nation bloc close the gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good. (AP Photo/Omar Havana)
