Mining giant Glencore announced today the release of its second Climate Action Transition Plan for 2024 to 2026, including the introduction of a new climate goal for the company to reduce Scope 1, 2 and 3 industrial CO2e emissions 25% by 2030, compared to 2019.

Glencore launched its inaugural climate action plan in 2020, including a commitment to achieve net zero emissions by 2050, along with an interim target to reduce its total emissions footprint across Scope 1, 2 and 3 by 40% by 2035 compared to 2019 levels. The company accelerated its climate goals in 2021, when it agreed to acquire Anglo American’s and BHP’s stakes in their 3-way joint venture of the Colombian coal asset, Cerrejón, with new interim targets including a 50% absolute emissions reduction of 50% by 2035, across Scopes 1-3. And 15% by 2026.

Alongside the release of the new plan, Glencore stated that it is on track to meet its 2026, 2030 and 2035 emissions reduction targets.

The updated plan also introduces four strategic pillars for the company, including managing operational footprint to reduce Scope 1 and 2 emissions, the smallest contributor to the company’s emissions footprint, responsibly phase down its coal portfolio, expanding its green energy portfolio, and driving new business models such as recycling and carbon solutions.

Glencore CEO Gary Nagle said:

“Our 2024-2026 CATP reflects a wide range of inputs, including analysis of the evolving market landscape, new regulatory requirements, mining and energy peer approaches, the IEA’s latest modelling, stakeholder inputs, and emerging insights from the most recent UNFCCC dialogue. We have also undertaken extensive engagement with our shareholders and appreciate their time and support as we have developed this CATP.”

Glencore said that it intends to submit the plan for an advisory vote at its AGM this year, and will continue to review the plan every three years,  or if there are materials changes to its business.