Glencore is the world’s largest coal trader, and currently plans to expand its own coal production way past safe limits, despite declaring it supports the Paris Agreement. So we’ve teamed up with the Australasian Centre for Corporate Responsibility (ACCR) to demand change – by submitting a shareholder resolution to its Annual General Meeting.
The resolution calls on the mining giant to explain how its thermal coal production plans align with limiting global temperatures rises to 1.5C. As well as its plans to expand coal, the company has been lobbying against effective regulation of the coal industry. In November 2021, InfluenceMap ranked Glencore as one of the world’s top 10 companies that were obstructing Paris Agreement-aligned climate policy.
Our network of shareholder activists rose to the occasion, and 69 UK-based individuals bought shares in the company to add their name to the resolution. They’re joining a global coalition of big investors worth US$2.2 trillion coordinated by ACCR.
With a requirement for 50 individuals to submit this resolution, we couldn’t have done it without the support of everyday concerned people. Coming from all walks of life, they’re united by a concern with the climate and social impacts of coal production, and wanted to use their power as citizens to pressure for change..
We know the effects of climate change are already being felt throughout the world. Business as usual just isn’t an option.
This shareholder resolution builds on previous pressure on Glencore for its climate record. Its 2022 AGM saw almost a quarter of shareholders voting against the company’s climate progress report - due to its continued expansion of coal production and poor plans to reduce emissions in the next decade.
Look out for further updates on this resolution campaign over the coming months, in the lead up to Glencore’s AGM in May.