Around 24% of shareholders vote against Glencore's climate progress plan

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar
The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo/File Photo

LONDON, April 28 (Reuters) - About 24% of investors voted against Glencore's (GLEN.L) climate progress report at the miner and trader's annual general meeting on Thursday, after some cited slow progress in scaling back coal production.

Many of the world's biggest listed companies published their first climate action plans in 2020 to cut emissions and help the world reach the 2015 Paris Agreement goal of capping global warming at 1.5-degrees Celsius.

While many have set long-term objectives to cut emissions, the focus is increasingly on the shorter-term targets that need to be met even as the pace of policy change remains unclear.

Glencore said last year it planned to hit net-zero carbon emissions by 2050 and responsibly run down its mines producing thermal coal, the most polluting fossil fuel, by the mid-2040s. Its 2020 climate plan had received 94% of votes in favour from shareholders at its 2021 annual general meeting.

With opposition to its climate progress passing the 20% threshold that constitutes material dissent among shareholders, the company responded in its AGM results statement:

"We will continue to engage with shareholders on our Climate Transition Action Plan so as to ensure their views are fully understood."

The world's biggest climate action investor group Climate Action 100+ (CA100+) last week flagged to members - who manage $68 trillion in assets and can put pressure on the company to change its strategy - its concern that Glencore's emissions targets and coal production were not consistent with the world's climate goal. read more

Reporting by Clara Denina and Simon Jessop; Editing by Edmund Blair and David Evans

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