Glencore plc (LSE: GLEN), a leading global diversified natural resources company, announced the publication of its 2022 Sustainability Report, emphasising its commitment to environmental, social, and governance (ESG) factors.
Aligned with the reporting requirements of the Global Reporting Index, the International Council on Mining & Metals (ICMM) Mining Principles, the United Nation’s Global Compact principles, and the Sustainability Accounting Standards Board’s Metals and Mining Sustainability Accounting Standard, Glencore’s Sustainability Report outlines its approach, performance, and activities in various areas deemed material to the company, its assets, and its stakeholders.
The 2022 report presents comprehensive insights into Glencore’s actions and achievements regarding ESG topics.
Furthermore, it highlights specific case studies that demonstrate the efforts of Glencore’s commodity departments in driving improved performance within the company’s operations.
Glencore chairman Kalidas Madhavpeddi expressed his pride in the company’s sustainability-related initiatives and emphasised the importance of addressing climate-related concerns raised by stakeholders.
“Climate continues to be an important topic for our stakeholders and one on which I look forward to continued engagement,” he said.
“Following the 2022 AGM, at which shareholders voted on the progress against our three-yearly Climate Action Transition Plan, we undertook an active engagement programme to understand better their views on our climate strategy.”
Glencore’s chief executive officer Gary Nagle reaffirmed the company’s commitment to delivering financial performance while making a positive impact on society.
Nagle emphasised the implementation of the SafeWork framework, which has been a key focus for Glencore’s industrial assets and commodity departments since its relaunch in mid-2021.
The company made notable progress on the SafeWork 2.0 implementation plan throughout 2022.
Recognising the increasing demand for commodities, Glencore has directed a significant portion of its capital expenditure, mainly funded through its energy business earnings, toward developing its transition metals portfolio.
The company aims to bridge the supply-demand gap resulting from the global transition and believes its business model’s flexibility positions it well to respond to evolving global needs.
In line with its emission reduction targets for 2026 and 2035, as well as its net-zero ambition for 2050, Glencore continues to responsibly manage down its energy production portfolio.
Moreover, the company acknowledges its socio-economic role extends beyond employment generation, procurement, and tax payments.
Glencore actively seeks opportunities to partner with and contribute to communities near its industrial assets, investing $90m in community development programs during 2022, representing a 33% increase compared to the previous year.
Glencore’s diversified business model, which focuses on metals and energy, has demonstrated its resilience across various market conditions, positioning the company to navigate short-term challenges effectively and meet future resource demands.
The publication of the 2022 Sustainability Report showcases Glencore’s commitment to transparency, responsible practices, and creating long-term value for its stakeholders.
By addressing ESG concerns and pursuing sustainable strategies, Glencore aims to cement its position as a leader in the natural resources industry.
