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Glencore moves to cap global coal output after investor pressure on climate changeND
Nassim Khadem, ABC News, Thursday 21st February 2019
Australia’s largest coalminer Glencore has announced it will cap its global coal output at 2019 levels, succumbing to shareholder pressure to take action to address climate change. “To deliver a strong investment case to our shareholders, we must invest in assets that will be resilient to regulatory, physical and operational risks related to climate change,” the company said in a statement. The Swiss-based resourcing giant also said it would examine its membership of trade associations to ensure those groups aligned with the Paris climate agreement and Paris goals. These associations include the Minerals Council of Australia. Director of climate and environment at the Australasian Centre for Corporate Responsibility (ACCR), Dan Gocher, said the move by Glencore debunked mining industry lobby groups' claims about the future of coal. "This announcement should bring to an end to the MCA's single-minded coal growth advocacy," he told the ABC.
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