- Glencore Plc publishes 2022 Sustainability Report aligning with global ESG standards and frameworks.
- Company focuses on material topics and highlights case studies on driving improved performance.
- Glencore directs capital expenditure towards developing transition metals portfolio to meet growing global demand for commodities.
Glencore Plc, a leading global diversified natural resource company, has released its highly anticipated 2022 Sustainability Report. The report provides a comprehensive overview of Glencore’s environmental, social, and governance (ESG) initiatives, aligning with prominent industry frameworks and reporting standards.
The 2022 Sustainability Report incorporates Glencore’s ESG data book, which adheres to the reporting requirements of the Global Reporting Index. It also maps to the International Council on Mining & Metals (ICMM) Mining Principles, the United Nations’ Global Compact principles, and the Sustainability Accounting Standards Board’s Metals and Mining Sustainability Accounting Standard.
Glencore’s report emphasizes material topics that are significant to the company, its assets, and its stakeholders. It offers insights into Glencore’s performance, activities, and case studies showcasing the efforts made by its commodity departments to enhance operational efficiency.
Kalidas Madhavpeddi, Chairman of Glencore, expressed pride in the company’s sustainability-related material topics. He recognized the importance of climate action as a key concern for stakeholders and emphasized the need for ongoing engagement. Madhavpeddi highlighted the active engagement program undertaken by Glencore following the 2022 Annual General Meeting, where shareholders voted on the progress against the company’s three-yearly Climate Action Transition Plan. He emphasized the incorporation of shareholder and stakeholder feedback into Glencore’s internal decision-making processes.
Gary Nagle, Chief Executive Officer of Glencore, underscored the company’s commitment to both financial performance and creating lasting benefits for stakeholders in a responsible and transparent manner. Nagle highlighted the successful implementation of Glencore’s SafeWork framework, which has been a focal point for the company’s industrial assets and commodity departments. He also discussed the strategic direction of the company in response to the increasing global demand for commodities.
Recognizing the projected shortfall in mining projects necessary to meet future resource demands, Glencore is directing the majority of its capital expenditure toward the development of its transition metals portfolio. This strategy aims to bridge the supply gap and aligns with Glencore’s goals of responsibly managing down its energy production portfolio, reducing emissions, and achieving net-zero emissions by 2050.
Glencore’s commitment to societal contributions extends beyond employment, procurement, and tax payments. In 2022, the company allocated Zar 1.8 Billon ($90 million) to community development programs, marking a significant 33% increase from the previous year. This investment was driven by the inclusion of the Cerrejón coal industrial asset in Colombia, the resumption of community activities following the easing of Covid-related restrictions, and contributions for humanitarian relief efforts in Ukraine.