The world’s largest exporter of thermal coal, Glencore announced it would be capping its yearly coal production in the future to combat climate change.
Glencore said it will prioritize its capital investment to grow production of commodities “essential to the energy and mobility transition” and limit its coal production capacity to current levels. In 2018, the company produced 129.4 million metric tons of coal.
“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.
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