Glencore (Aluminium)
GLEN
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Glencore is the world's largest exporter of thermal coal and a major producer of steelmaking coal. In 2025, the company produced 98.0 million tonnes of energy (thermal) coal from operations in Colombia, South Africa, and Australia, alongside 32.5 million tonnes of steelmaking coal, boosted by its July 2024 acquisition of Elk Valley Resources. Per Glencore's full-year 2025 production report, the combined coal portfolio makes Glencore one of the most coal-exposed companies globally, with mining and trading operations spanning three continents. Total group revenue exceeded US$200 billion in recent years, with coal constituting a material share of both revenue and profit.
Glencore’s public climate commitments are contradicted by its actions and advocacy. A 2022 complaint filed by environmental groups alleges the company’s net-zero-by-2050 claims are misleading, arguing its decarbonization pathway is inappropriate for a major coal producer and constitutes greenwashing. In March 2024, Glencore walked away from aligning its climate plan with a net-zero emissions pathway, despite escalating investor concerns. Further, a November 2023 study identified Glencore among companies lobbying for policies that conflict with their own pledges to cut carbon emissions. This pattern of setting climate targets while supporting obstructive policy and relying on an unsuitable decarbonization model fits the definition of climate intransigence.
Research Sources
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