for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Oil report

Glencore says it is running down coal mines and won't replace them

JOHANNESBURG, Oct 16 (Reuters) - Glencore CEO Ivan Glasenberg said on Friday that the company is running down its coal mines and won’t replace them, as part of its efforts to cut “Scope 3” emissions - indirect emissions which mining companies are under increasing pressure to address.

Glasenberg said the company’s Scope 1 and 2 emissions represent just 10% of its Scope 3 emissions - an indication of how important these indirect emissions are. Glencore has committed to a 30% reduction in Scope 3 emissions by 2035.

He said his focus was on running down existing coal mines, rather than spinning them off. “I don’t see how spinning off coal mines will help us reduce Scope 3 emissions,” Glasenberg said.

Reporting by Helen Reid and Tanisha Heiberg; editing by Jason Neely

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up