Glencore Chief Rides Coal Windfall on Way to a Low-Carbon World

With the world burning more coal as Russia’s war in Ukraine plunged global energy markets into chaos, commodities giant Glencore Plc pulled in a record $34 billion in profit last year. Gary Nagle, its boss, makes no apologies for more than half of that windfall coming from coal. At the same time, he also wants investors to focus on the minerals needed for a battery-powered future: copper, cobalt and nickel. “We must transition,” Nagle says. “It’s the responsibility of those involved in the business.”

Under Nagle, who took over in 2021, the shift away from coal won’t ...