Bloomberg Law
May 26, 2023, 3:31 PM

Glencore Loses More Support for Climate Plan as Coal Questioned

Thomas Biesheuvel
Thomas Biesheuvel
Bloomberg News

Investor support for Glencore Plc’s climate change strategy weakened, obliging the world’s top coal shipper to again consult with shareholders as it defends one of its most profitable businesses.

While many rivals have long retreated from thermal coal under pressure from investors, Glencore has continued reaping massive profits from mining the dirtiest fossil fuel. The company says the hydrocarbon is essential for the energy transition, but an increasing number of investors don’t want to own coal.

Glencore secured about 70% support for its climate progress report at its annual general meeting on Friday, less than the 76% backing it ...

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