GLENCORE will allow its coal reserves to deplete in order to meet its scope 3 targets which is to reduce greenhouse gas emissions by 30% by 2035.
What this means from a South African perspective is that the Swiss-based miner and trader will exit the country’s coal sector in as little as 15 years – the stated length of mineable reserves left in its portfolio.
“We are using everything we’ve got,” said Glencore CEO, Ivan Glasenberg when asked in a media conference call for details as to whether it would sell resources not currently under its economic plan.
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