Glencore has published its 2022 Sustainability Report, incorporating the ESG (environment, social and governance) data book which aligns with the Global Reporting Index’s reporting requirements and focuses on areas identified as material to Glencore, its assets, and both its internal and external stakeholders.
The report follows the International Council on Mining & Metals (ICMM) Mining Principles, the United Nations Global Compact’s principles, and the reporting requirements of the Sustainability Accounting Standards Board’s Metals and Mining Sustainability Accounting Standard.
In addition to providing an overview of the approach, performance and activities during the year for each material topic, the report includes case studies on the work undertaken by commodity departments to drive improved performance in operations.
Glencore Chairman, Kalidas Madhavpeddi, said, “I am proud of the actions we are taking to progress our sustainability-related material topics.
“Climate continues to be an important topic for our stakeholders and one on which I look forward to continued engagement. 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 better understand their views on our climate strategy.
“We have reflected carefully on the feedback received and will continue to engage with shareholders and other stakeholders, as well as monitor external market developments. Insights from this engagement have been and will continue to be factored into our internal deliberations.”
Glencore Chief Executive Officer, Gary Nagle, said, “We recognise our ongoing responsibility to not only deliver financial performance but also make a positive contribution to society and create lasting benefits for stakeholders in a manner that is responsible, transparent and respects the rights of all.
“The successful implementation of our relaunched SafeWork framework in mid-2021 has been a key focus for our industrial assets and commodity departments. During 2022, we continued the SafeWork 2.0 implementation plan, with good progress being made group-wide.
“We believe that the current rate of developing mining projects worldwide is unlikely to meet the demand that the transition will create. We believe that we are well placed to participate in bridging this gap in supply through the flexibility that exists in our business to respond to global needs.
“In response to the growing demand for commodities, we are directing the majority of our capital expenditure, in large part funded through the earnings of our energy business, to fund the development of our transition metals portfolio.
Mr Nagle said the company continues to responsibly manage its energy production portfolio over time in line with its 2026 and 2035 emissions reduction targets and 2050 net zero ambition.
“We recognise that our socio-economic contribution goes beyond local employment and procurement and the payment of taxes and royalties,” Mr Nagle said.
“We identify opportunities to partner with and contribute to the communities living near to our industrial assets. During 2022, we spent $90 million on community development programmes.
“This was a 33 per cent increase on 2021, as community activities resumed following the easing of Covid-related restrictions, the inclusion of the Cerrejón coal industrial asset in Colombia, and a contribution to support humanitarian relief for the people of Ukraine.
“The strength of our diversified business model with its focus on metals and energy, has proved itself adept in a range of market conditions, giving us a solid foundation to successfully navigate shorter-term challenges that may arise, as well as meet the resource needs of the future.”
