The LGPS Central pool has said that it intends to vote against Glencore’s climate progress report at the commodity trading and mining company’s annual general meeting on 28 April.
This, it said, was due to “shortcomings in target setting over the next decade”. Glencore had made some improvements to its climate transition plan but the short-term emissions’ targets, LGPS Central suggested, were not ambitious enough.
Glencore is an Anglo-Swiss multinational with revenue of more than $200bn and 135,000 employees around the globe. It has also been criticised recently by the Australian Centre for Corporate Responsibility, which claimed that Glencore was underestimating its global emissions.
LGPS Central manages the pooled assets of eight Midlands-based LGPS funds. It said its decision to vote against the climate progress report was made “in the spirit of asking more also of leading companies and in recognition of our own ambition to achieve net zero emissions across our portfolios by 2050”.
“Glencore has taken some very positive steps towards Paris-alignment. What we would like to see now are even stronger short-term targets (2026) and an explicit 2030 target,” said Patrick O’Hara, LGPS Central’s director of responsible investment and engagement.
“We also encourage Glencore to proactively and transparently lobby for Paris-aligned climate policies in key markets, including Australia, both directly and through industry associations they are a member of.”
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