GLENCORE 2024 2026 Climate Action Transition Plan

2024-2026 Climate Action Transition Plan
Energising today
Advancing tomorrow
Introduction Our strategic Responsible Additional
and context pillars business practice information
Contents
Energising today, advancing 2024-2026 Climate Action

Transition Plan overview:
Introduction and context
Important notice 2
tomorrow: As the world moves Our climate ambition and targets are
Note on ’our emissions’
Chairman’s introduction
2
3
towards a low-carbon economy, underpinned by four strategic pillars:

1. Managing our operational footprint;
Chief Executive Officer’s introduction
Acquisition of 77% interest in Teck’s
3
we are focused on supporting the 2. Responsibly reducing our Scope 3

industrial emissions;
steelmaking coal business
Our purpose and business model
4
5
energy needs of today whilst 3. Advancing tomorrow through our

transition-enabling commodities portfolio;
Our position on climate and
energy transition 6
investing in our portfolio of

Our ambition and
and
decarbonisation targets 7
4. Driving new business models.
transition-enabling commodities. Our strategic pillars

Managing our operational footprint 11
These pillars are supported by responsible
and transparent business practice in respect Responsibly reducing our Scope 3
2026 target: 2030 target: 2035 target: 2050 ambition: of governance, management of risks and emissions 14
15% 25% 50%

to achieve net zero opportunities, capital allocation, just Advancing tomorrow 15
industrial CO2e transition, external engagement, and Driving new business models 17
emissions, subject transparency and disclosure.
reduction in our reduction in our reduction in Scope 1,
to a supportive Responsible business practice
Scope 1, 2 and 3 Scope 1, 2 and 3 2 and 3 industrial We will report annually on progress
policy environment
industrial CO2e industrial CO2e CO2e emissions against these pillars, in accordance Governance 19
by the end of 2050
emissions against emissions against against a restated with the guidelines of the Task Force Risks and opportunities 22
a restated 2019 a restated 2019 2019 baseline on Climate-related Financial Disclosures. Capital allocation 25
baseline by the baseline by the by the end of 2035 Just transition 26
end of 2026 end of 2030 External engagement 29
Transparency and metrics 31
Additional information
Important notice 33
Contact information 34
Explore our Annual and Sustainability

Explore our Group Reporting glossary
Reports online at: glencore.com/
online at: glencore.com/publications
publications
2024-2026 Climate Action Transition Plan 1

Introduction
Important notice
This document has been prepared to provide stakeholders with information on our Note on ‘our emissions’
2024-2026 Climate Action Transition Plan (CATP). References to ‘Glencore’s emissions’, ‘our emissions’ or ‘industrial emissions’ mean CO2e
emissions from our industrial assets (including Scope 1, 2 and 3) which is defined by
This document has not been prepared as financial or investment advice or to provide reference to our organisational boundary of operational control, as set out in the About
any guidance in relation to our future performance. It should be read as a whole, our emissions calculations and reporting section in our latest Annual Report and our
and in conjunction with our periodic reporting and other announcements (including, latest Basis of Reporting. Where ‘industrial’ is used before ‘emissions’, this is for
without limitation, regulatory announcements made in connection with our listings additional clarity, and the underlying meaning is the same irrespective of whether
on the London Stock Exchange and Johannesburg Stock Exchange). this is included.
Glencore operates in a dynamic and uncertain market and external environment. Throughout our 2024-2026 Climate Action Transition Plan (CATP), where we refer to our
Our plans and strategies can and must adapt in response to dynamic market conditions, aim and/or efforts to achieve ‘net zero emissions’ we are referring to a net zero ambition
changes in our business due to material acquisitions or disposals, joint venture decisions, in relation to our industrial emissions.
new opportunities that might arise or other changing circumstances. Investors should
assume that our strategy on climate change will evolve and be updated as time passes. The CATP focuses on our industrial emissions because we consider these emissions
Additionally, a number of aspects of our strategy involve developments or workstreams that to be the most relevant emissions for the diversified mining sector, given that they
are complex and may be delayed, more costly than anticipated or unsuccessful for many arise from (or are direct consequences of) our own natural resources production.
reasons, including (without limitation) reasons that are outside of Glencore’s control. Scope 3 emissions associated with third-party volumes traded by our marketing
There are inherent limitations to scenario analysis, and it is difficult to predict which, if any, business are not included in our emissions reporting and targets because, in our view,
of the scenarios might eventuate. Scenario analysis relies on assumptions that may or may by trading in the third party volumes, our activities do not generate additional Scope 3
not be, or prove to be, correct and that may or may not eventuate and scenarios may also emissions which in the ordinary course are associated with the transformation or use of
be impacted by additional factors to the assumptions disclosed. Given these limitations the product by third parties. The trading of these volumes may give rise to additional
we treat these scenarios as one of several inputs that we consider in our climate strategy. emissions associated with the transportation and handling of these products and these
emissions have been included in our CATP insofar as the third-party transport is paid
Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) for and organised by our marketing business.
emissions and operational energy consumption under the calculation methodologies
used in the preparation of such data, all CO2e emissions and operational energy The CATP covers our current portfolio. We have not addressed the treatment of the
consumption data or volume references (including, without limitation, ratios and/or announced acquisition of a 77% interest in Elk Valley Resources (EVR) in relation to
percentages) in this document are estimates. There may also be differences in the manner Glencore’s decarbonisation targets and ambition in the CATP. The transaction remains
that third parties calculate or report such data compared to Glencore, which means that subject to mandatory regulatory approvals and, while closing could occur earlier,
third-party data may not be comparable to Glencore’s data. it is expected no later than the third quarter of 2024.
Our CO2e emissions reporting of our industrial assets generally follows the GHG Protocol's Unless stated otherwise, reference is made to the Group Reporting Glossary available
Corporate Accounting and Reporting Standard, the Scope 2 Guidance, the Corporate Value at glencore.com/publications for the 2023 reporting suite with respect to the terms
Chain (Scope 3) Accounting & Reporting Standard and Technical Guidance for Calculating used in this CATP.
Scope 3 Emissions, and the ICMM Scope 3 Emissions Accounting and Reporting Guidance.
For detailed information on how we calculate our emissions and operational energy
consumption data, see the About our emissions calculations and reporting section in our
latest Annual Report and our latest Basis of Reporting, which can be found on our website.
Refer also to the Additional information section in this report, including in relation
to forward-looking statements, on page 33.

Chairman’s introduction and Chief Executive Officer’s introduction
We welcome dialogue with Our plan focuses on the

our shareholders on matters delivery of our commitments.
relating to climate.
topics, amongst others, as part of the Board’s of achieving net zero industrial CO2e
role in our processes to make investment emissions, subject to a supportive policy
decisions, acquire or dispose of assets, environment. It also introduces a new interim
approve capital expenditure, and review and target of a 25% reduction in CO2e emissions
manage the business’s risks and opportunities. for our industrial assets by the end of 2030.
We continue to welcome dialogue with our We are on track to meeting our 2026, 2030
stakeholders on matters related to climate. and 2035 emissions reduction targets,
In recognition of the importance of this all of which are measured against
topic, we intend to submit the CATP for an a restated 2019 baseline.
advisory vote at our 2024 AGM. Thereafter, Looking ahead, our plan focuses on the
we will continue to report annually on delivery of our commitments, including
progress and engage with shareholders. implementing our MACC initiatives (where
We will continue to review our CATP every practicable and economically viable) and
three years, or if there are other material responsibly phasing down our thermal coal
changes to the business, and seek advisory operations, while also allocating capital to
votes when our climate plans are reviewed. grow our transition-enabling commodities
Kalidas Madhavpeddi I look forward to continuing the conversation Gary Nagle business, and evolving our understanding
Chairman with our stakeholders on our progress in Chief Executive Officer and assessment of the climate-related risks
delivering Glencore’s climate commitments. and opportunities that our business faces.
I am proud to introduce our second Climate Our 2024-2026 CATP reflects a wide range I look forward to continuing the discussion
Action Transition Plan (CATP), which covers of inputs, including analysis of the evolving on our progress in delivering the strategic
our climate-related strategy for 2024 to 2026. market landscape, new regulatory pillars set out in this CATP and the broader
As one of the world’s largest globally requirements, mining and energy peer conversation on Glencore’s climate-
diversified natural resource companies, approaches, the IEA’s latest modelling, related activities.
we recognise the role we have to play stakeholder inputs, and emerging insights
in supporting the global transition towards from the most recent UNFCCC dialogue.
a low-carbon economy, and this plan We have also undertaken extensive
reaffirms our commitment to contributing engagement with our shareholders
to the global efforts to achieve the goals and appreciate their time and support
of the Paris Agreement. as we have developed this CATP.
The Board and I are responsible for Reflecting on these various inputs, this CATP
overseeing the Group’s climate strategy retains our existing emissions reduction
and progress against Glencore’s climate Kalidas Madhavpeddi, targets, of 15% and 50% by the end of 2026 Gary Nagle,
commitments. We consider climate-related Chairman and 2035 respectively and our 2050 ambition Chief Executive Officer
20 March 2024 20 March 2024

Acquisition of a 77% interest in Teck’s steelmaking coal business
Following the announcement The acquisition therefore presented respect of Scope 1, 2 and 3 emissions. We steel production technologies that do not
a unique opportunity to strengthen have committed to developing and require coal. We would at that stage seek
by Teck Resources Limited our position further across the products implementing a climate transition strategy shareholder feedback as we consider
(Teck) in early 2023 of the necessary for the energy transition as well as for the EVR industrial assets, which will our approach.
intended separation of its everyday life and also unlock the potential, include medium-term Scope 1 and 2
metals business and subject to shareholder approval, for a emissions reduction targets, a long-term
value-accretive demerger of our combined goal of net zero in respect of Scope 1 and 2
steelmaking coal business, coal and carbon steel materials business. emissions by 2050, as well as a commitment
Elk Valley Resources (EVR), to work with partners towards an ambition
A demerger of the combined coal and
we recognised a compelling carbon steel materials business would occur
to achieve net zero Scope 3 emissions by
2050, subject to a supportive policy
opportunity for the development only once Glencore has sufficiently delevered
environment.
of our own business. towards a revised $5 billion Net debt cap,
expected to occur within 24 months from If the demerger occurs, the respective
In April 2023, we announced that we completion of the EVR acquisition. We will businesses will require their own standalone
had submitted a proposal to the board undertake a shareholder consultation climate strategies and action plans.
of directors of Teck to merge with Teck process following the close of the EVR
For a standalone combined coal and carbon
and simultaneously demerge our combined acquisition to assess views on a
steel materials business, we would intend for
metals and coal businesses. Following Teck’s potential subsequent demerger.
the demerged company to continue to
withdrawal of its separation proposal we We commenced work on this CATP oversee the responsible decline of its
announced in June 2023 that we had at the same time as we were negotiating thermal coal operations in line with
submitted an alternative proposal to acquire with Teck. Glencore’s current targets and ambition
only EVR. We successfully reached an to achieve net zero emissions by 2050,
agreement with Teck for the acquisition As there was no certainty that any
subject to a supportive policy environment.
of a 77% interest in EVR in November 2023, transaction would be agreed when we
which remains subject to mandatory commenced work on this strategy and it For a standalone Glencore metals company
regulatory approvals. remains subject to mandatory regulatory (MetalsCo), we would intend to develop a
approvals, and because we do not yet have climate strategy that is suitable for a
When assessing the merits of the access to the necessary information relating growing business supplying the metals
transaction, we acknowledged the to EVR, we have developed this strategy required for the transition to a low-carbon
important distinction between thermal coal considering the risks and opportunities of economy. We would expect to develop the
and steelmaking coal. We concluded that our current portfolio of our integrated MetalsCo climate strategy ready for launch
while not a metal, steelmaking coal is an energy and metals business. For the at the point of demerger.
important transition-enabling commodity purposes of the 2024-2026 CATP, we have
as it is an essential input into much of the In the event the demerger does not proceed,
therefore not addressed the treatment of
world’s steelmaking in its current form. we will assess how best to integrate the EVR
EVR in relation to Glencore’s decarbonisation
Steel is necessary for constructing assets into our climate transition strategy,
targets and ambition.
transportation and infrastructure such recognising that the transition away from
as ocean-going vessels, rail, bridges and Pending the potential demerger, we do not steelmaking coal for steel production will
buildings, as well as energy transition currently intend to incorporate the EVR be slower than thermal coal, given the
infrastructure including wind turbines. assets for purposes of Glencore’s current important role steel is expected to continue
baseline or decarbonisation targets following to play in supporting the construction of
completion of the EVR acquisition. We transportation and renewable energy
instead intend to report separately on EVR’s infrastructure, and the expected limited
industrial assets’ performance, including in availability in the medium term of alternative

Our purpose and business model
Our Purpose and business model

Our Purpose is to responsibly source the
commodities that advance everyday life. As one
of the world’s largest diversified natural resource
companies, we can play an important role in the Our recycling Exploration, Extraction and Processing and
global transition to a low-carbon economy. business acquisition and production refining
We are committed to supporting the transition
Industrial
We recycle key development We mine and beneficiate Our expertise and
by supplying the transition-enabling commodities commodities business minerals across a range technological
Our focus on brownfield
needed for the energy systems of tomorrow, to support the of commodities, mining advancement in
sites and exploration close
while continuing to responsibly serve the energy circular economy techniques and processing and refining
to existing assets lowers
needs of today. countries, for processing mean we can optimise
our risk profile and lets us
use existing infrastructure, or refining at our own our end products to suit
Our business model is well placed to advance our
realise synergies and facilities, or for sale a wider customer base
Purpose. Our industrial business produces
control costs and provide security of
commodities needed for both the metals and As a global producer supply as well as valuable
energy markets – while our marketing business and marketer of commodities, market knowledge
moves these commodities globally to where they
bon solutions
are needed. The businesses mutually reinforce
we are diversified by geography,
products and activities.
Recycling
each other: our industrial business uses marketing
insights and knowledge to strengthen their Integrating our marketing and
position, while our marketing business uses industrial business sets us apart
industrial volumes to create value.
from most of our competitors in
Car
Our core industrial and marketing businesses are creating an enhanced

supported by our carbon solutions and recycling entrepreneurial focus on Logistics and delivery Blending and
businesses. Our carbon solutions team supports Our logistics assets and optimisation
both clients and Glencore itself in efforts to reduce
value generation capabilities allow us to Our ability to blend and
their carbon footprints. Our recycling business handle large volumes of optimise allows us to
supports the demand growth for metals and the commodities, both to offer a wide range of
global shift to a circular economy. fulfil our obligations and product specifications,
Our commodities to take advantage of resulting in an ability
Read more about these businesses here: in everyday demand and supply to meet our customer-
Developing new businesses on page 17 products Marketing imbalances. These specific requirements
Our business model and climate strategy are
The products we business value-added services and provide a high-
produce and market make us a preferred quality service
intrinsically linked. We have an important position counterparty for
play an essential role
in producing, recycling, sourcing, marketing and customers without
in modern life
distributing the commodities that enable the such capabilities
transition. We have a portfolio of energy and
minerals necessary to meet the needs of today
and tomorrow – as well as a significant pipeline
of future growth options for transition-enabling
commodities. This position, combined with
a flexible business model that adapts quickly
to changing conditions, makes us well-positioned
for the future.

Our position on climate and energy transition
companies, governments and civil society Read more about our plans for metals here: Beyond supplying both metals and energy
We support the goals of the to work together. Companies need Advancing tomorrow | Recycling products, our role in the transition requires
Paris Agreement (Article 2, Paris to collaborate beyond their own us to reduce our operational emissions
In addition to the metals needed to support
Agreement) to limit the increase enterprise-level decarbonisation plans
the growth and scaling of low-carbon footprint across our industrial assets. We
in the global average temperature and governments need to create a policy recognise that growth in our metals
technologies, our recent acquisition of 77%
environment that supports these efforts. business is required for the energy transition,
to well below 2°C above in Teck’s steelmaking coal business would,
which may place upward pressure on
For example, we believe significant power if completed, enable us to support the
pre-industrial levels and pursue production of steel needed for diverse absolute operational emissions. We are
sector reform is needed (both within and
efforts to limit the temperature across national borders) to drive the energy industries including infrastructure needed therefore exploring ways to manage the
carbon intensity of our operations as our
increase to 1.5°C above transition, given that many governments for the energy transition.
production grows; however, for now, our
pre-industrial levels. are still demanding significant levels of fossil
We also recognise that thermal coal for focus remains on reducing our absolute
fuels to support their energy systems.
electricity generation remains a necessary industrial emissions footprint. We will
As part of this, we recognise and support the Governments need to implement reforms
source of energy in many countries – continue to do this through the regular
global effort in transitioning away from fossil to integrate renewables more effectively
providing grid stability, supporting energy review and implementation of initiatives
fuels in energy systems, in a just, orderly onto the grid, while also supporting energy
access and security, and contributing identified on our marginal abatement
and equitable manner. We recognise the access and security, and a just and orderly
to socioeconomic development in many cost curve (MACC) as practically and
common but differentiated responsibilities transition for affected stakeholders. We
markets. We support regulatory efforts commercially viable, which supports
and capabilities of domestic economies believe companies also have a critical role to
to transition towards cleaner power our focus on reducing emissions at our
in pursuit of climate objectives and believe play in the power sector transition – from
generation and to reduce underlying industrial assets.
that actions to limit temperatures must building renewables capacity, to supplying
demand for fossil fuels.
support United Nations Sustainable the metals needed to build that capacity, Read more about our decarbonisation plans here:
and to creatively managing intermittency. In Read more about our plans for coal here: Managing our operational footprint
Development Goals, including sustained,
short, we believe system-collaboration is Responsibly reducing Scope 3 emissions
inclusive economic growth, and universal Finally, for the world to reach the goals of the
access to clean, affordable energy. fundamental. We recognise the importance of efforts to Paris Agreement, we believe carbon markets
In particular, energy security and We recognise our own role and responsibility accelerate the transition towards cleaner will be an essential component, with both
affordability are increasingly recognised1 to contribute to the global effort to achieve power generation technologies and this will governments and companies needing to
as essential measures which need to be the goals of the Paris Agreement – and are require policy efforts to adjust the power leverage well-functioning carbon markets to
balanced with the rate of transition. committed to playing our role within market. We are committed to a responsible support their decarbonisation efforts in the
Given the unique challenges presented the system. phase-down of our thermal coal production. long term. We are preparing for this by
by the transition, we anticipate that it will continuing to strengthen our capabilities,
Read more about our policy positions here:
not be linear and will depend heavily Our primary contribution to accelerating the including our carbon, power and biofuels
External engagement
on individual countries’ ability to transition energy transition is through the supply of trading desk that supports both our
away from fossil fuels in energy systems. the metals that underpin the expansion of customers and our own business.
low-carbon technologies. Resource
Only through collective inclusive action constraints are a determining factor of the Read more about our team here:
can the world achieve the goals of the Paris Carbon solutions
pace of decarbonisation – and we are
Agreement and limit the impact of climate committed to supporting the supply of
change, while balancing the need for energy metals such as copper, cobalt, nickel and
security and affordability. Systems-level zinc. We do this via our industrial operations,
change is needed at both the national our project pipeline, our marketing business
and industry level, therefore requiring and investment in our recycling business.
1. IEA (2023), World Energy Outlook 2023, IEA, Paris https://www.iea.org/reports/world-energy-outlook-2023, Licence: CC BY 4.0 (report); CC BY
NC SA 4.0 (Annex A), page 23.

Our ambition and decarbonisation targets
Beyond supporting the energy Introducing our new interim target

Our route to achieving net zero emissions1
We continue to evolve our approach and are
transition overall through the introducing a new interim target for 2030, 700
supply of metals, we take to further demonstrate our commitment to 2026 2030 2035 2050
-15% -25% -50% Net zero3
a holistic approach to decarbonisation across our industrial assets. 600
2019
decarbonisation, focusing We recognise the importance of maintaining
500
554Mt 80 3
on reducing our combined consistent progress in our decarbonisation
programme to support global efforts. Our
industrial Scope 1, 2 and new target of a 25% reduction in our CO2e
400
552
3 emissions. emissions by the end of 2030, against a 300

521
3
restated 2019 baseline, supports our ongoing 471 415 1352

programmes to reduce our emissions for our 200 216
2026 target: industrial assets. In determining this additional 277

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interim target, we considered the following: 100
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25%
understanding the ‘glidepath’ we intend Notes:
to pursue to fulfil our climate commitments.
1. The components contributing to our emissions reductions are indicative and may change based on
Our route to achieving our net zero actual performance.
2. The split between portfolio depletion and MACC initiatives is indicative and will evolve as MACC
ambition initiatives are developed and implemented.
reduction in our Scope 1, 2 and 3 industrial
We have identified our route to achieving 3. Our 2050 net zero ambition is subject to a supportive policy environment.
CO2e emissions against a restated 2019
our targets and ambition, and are on track
baseline by the end of 2030
to meet our 2026, 2030 and 2035
decarbonisation targets. Beyond our targets, The below table summarises our emissions performance for 2019 to 2023
2035 target:
we support the use of carbon credits to
50%
2019 2020 2021 2022 Change
achieve the goals of the Paris Agreement restated restated restated restated 2023 2023 vs. 2019
and are preparing our capabilities accordingly. Scope 1 – Direct
emissions (Mt CO2e) 19.0 15.2 16.0 16.4 16.7◊ -12.0%
Read more about our position on offsets here:
Carbon credits Scope 2 – Indirect
reduction in Scope 1, 2 and 3 industrial
market-based
CO2e emissions against a restated 2019 2023 marked the mid-point of the emissions (Mt CO2e) 13.9 11.6 13.0 12.8 10.3◊ -25.9%
baseline by the end of 2035 implementation of the UN 2030 Agenda for
Scope 3 – Indirect
Sustainable Development, adopted in 2015. In
2050 ambition: emissions (Mt CO2e) 520.7 414.0 412.9 368.3 405.8 -22.1%
most cases, the world is well short of halfway
to achieve net zero industrial CO2e Total (Mt CO2e) 553.7 440.8 441.8 397.5 432.8 -21.8%
to reaching its 2030 goals (IEA WEO 2023). We
emissions, subject to a supportive policy recognise that to achieve our 2050 net zero For information on how we calculated and restated our emissions data set out in this table, see the About
environment by the end of 2050 emissions ambition there is a need for our emissions calculations and reporting section in our Annual Report 2023 and our Basis of Reporting
2023, which can be found on our website.

Our ambition and decarbonisation targets continued
significant global technological evolution and Amongst the various relevant scenarios,
advancement and coordinated and supportive we recognise the IEA Announced Pledges
Change in fossil fuel CO2 emissions versus 2019
government policies, including incentives to Scenario as a real-world starting point from
120%
drive accelerated uptake of lower-carbon and which to work towards a ‘supportive policy
decarbonisation technologies, and market- environment’ in our net zero ambition.
based regulations governing industrial As noted by the IEA, enabling the APS 100%
practices that drive a competitive, least-cost scenario requires implementation of policy, Net IEA 20
23 SPS 2.4 oC
emissions reduction approach, much of which increased financing and substantial further
are not within our direct control or ability to development to progress towards a net zero 80%
materially influence, but are critical to our outcome. The IEA has acknowledged the
Ne
t IE
ability to achieve our net zero emissions progression of policy and availability of A2
023 Net IEA 2023 DAC 1.5oC
60% AP
ambition by the end of 2050. We have therefore financing is lagging the APS and this is S1
.7 oC
identified the following goals that we seek reflected in the Delayed Action Case (DAC)1,
to support through our external engagement: which recognises the potential for delayed 40%
1) acceleration of clean technology, 2) least- implementation of announced pledges Gross
IEA 20
22 NZ
Ne E 1.5 oC
cost emissions reduction, 3) transparency and and shows how emissions reductions can t IE
A2
023
NZ
disclosure, and 4) a just and orderly transition. be bridged to align with 1.5oC by 2100 20% E 1.5 o
C CO2 capture
with stronger policy and implementation & removal
Read more about our plans to support these
goals here: External engagement
post 2030.
0%
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050
Our climate approach is informed by the
Our decarbonisation global policy environment, as we believe that
Glencore
restated 2019 baseline
Glencore Glencore Glencore
15% reduction 25% reduction 50% reduction
Glencore
NZE ambition
targets in context government commitments are most likely
IEA Global CO2 IPCC SR15 no/ltd overshoot gross (mid) IEA NZE 2023 Net 1.5C
We acknowledge there are various views to influence and direct global energy
IEA 2023 SPS Net 2.4C IEA 2023 DAC Net 1.5C IEA APS 2023 Net Coal CO2
on the pathway (and energy mix) required systems through the process of transition.
IEA 2023 APS Net 1.7C IEA NZE 2023 Gross 1.5C IEA NZE 2023 Net Coal CO2
to achieve the goals of the Paris Agreement.
In practical terms, energy security and
The scenarios developed by the IPCC and IEA Stated Policies Scenario (SPS): Current policy landscape. Explores how the energy system and global emissions will
affordability are increasingly being recognised evolve based on the current policy settings. SPS does not assume the aspirational or economy-wide targets are met
are amongst several inputs into our climate unless they are supported with detail on how they will be achieved. SPS has been assessed as being consistent with
as essential measures that need to be
strategy. We do not seek to align to any global temperatures rising on average by 2.5°C by 2100.
balanced with the rate of transition to lower Announced Pledges Scenario (APS): Intended policy direction of governments. The APS gives governments the
particular pathway or scenario but continue
emissions systems. This has been benefit of the doubt and assumes their targets will be achieved on time and in full, whether they relate to climate
to monitor and compare our targets to change, energy systems or national pledges in other areas such as energy access. Trends in this scenario reveal the
highlighted by the impact of recent conflicts extent of the world’s collective ambition, as it stands today, to tackle climate change and meet other sustainable
a range of scenarios as they are updated
on energy input costs, the fragility of power development goals. This scenario recognises the commitments of China (net zero 2060) and India (net zero 2070) and
each year; see the Change in fossil fuel the updated nationally determined contributions. This requires accelerated adoption of renewables delivering global
grids, the need for secure baseload power net zero emissions in 2070 and limiting the rise of global temperatures to 1.7°C by 2100. This gets close to achieving the
and coal CO2e emissions graph, opposite.
supply and the need to match energy goal of the Paris Agreement to limit the temperature rise to “well below 2°C”, and it marks the first time that collective
government targets and pledges have been sufficient, if delivered in full and on time, to hold global warming to below
Our 2026, 2030 and 2035 targets are currently demand growth rates which exceed the rate 2°C.
ahead of both national governments’ stated of adoption of low emissions energy systems. Delayed Action Case (DAC): High overshoot scenario. The starting point of the DAC is more optimistic than current
policy settings and Nationally Determined Contributions. Countries are assumed to undertake actions that go beyond
policies and announced pledges for the same The need for secure and affordable energy has what is currently factored into the APS and accelerate their implementation of more ambitious climate policies after
years (as modelled in IEA Stated Policies led to asymmetric increases in coal demand 2030, particularly where they have significant technological and financial capacities. It assumes that all countries that
have announced net zero emissions pledges implement policies in the period to 2030 that enable achievement of their
Scenario (SPS) and APS scenarios). Our targets (especially in developing economies), with pledges. The rise in temperature in the DAC exceeds 1.6°C for about 25 years and 1.5°C for almost 50 years and relies on
are not aligned with the IEA NZE scenario, associated risks of environmental and social increased CO2 removals from bioenergy with carbon capture and storage and direct air capture, cuts to methane
emissions and CO2 reduction from natural processes to bring warming below 1.5°C by 2100.
an increasingly unrealistic scenario due impacts (see the graphs on global coal
Net Zero Emissions by 2050 (NZE): The NZE Scenario works backwards from specific goals – the main one being to cap
to the extent to which policy, technology production on page 9). global warming to 1.5°C by 2050 – and illustrates how they may be achieved. The NZE Scenario requires a tripling in
and investment are lagging this pathway. spending on clean energy and infrastructure to 2030, alongside a shift towards much higher investment in emerging
market and developing economies. The NZE Scenario falls within the group of scenarios categorised by the IPCC
as a “no or low overshoot” scenario, and aligns with the goal, agreed again in Glasgow at COP26 in 2021, to “pursue
1. IEA (2023), Net Zero Roadmap: A Global Pathway to Keep the 1.5 °C Goal in Reach, IEA, Paris efforts to limit the temperature increase to 1.5°C”.
https://www.iea.org/reports/net-zero-roadmap-a-global-pathway-to-keep-the-150c-goal-in-reach,
In response to stakeholder feedback, this graph now includes the IEA NZE Net Coal Scenario. Our targets are not
License: CC BY 4.0 aligned with the IEA’s NZE Scenarios.
Our ambition and decarbonisation targets continued
Our decarbonisation route • Our updated CATP introduces Beyond our emissions reduction targets, Our Scope 3 emissions represent more than
an additional target for 2030; our approach to reducing our emissions 90% of our emissions, the majority of which
Government policies and energy demand
levels are highly varied across regions and • Our thermal coal production will also depend on the pace of the global
energy transition: if the global adoption
relate to our current coal portfolio. Given
that our current steelmaking coal operations
time horizons, which we believe will result in has decreased; and
the global energy transition being non-linear
through time and geography. Given this,
• We are not progressing greenfield thermal of renewable energy significantly accelerates
(supported in part by our supply of transition
are a limited part of our current portfolio,
we have continued to include them in our
coal investments.
metals), we may need to review and phase-down commitments. However,
and owing to the nature of the industrial
Based on the combination of these factors accelerate our current plans for the we believe that the transition away from
assets we operate, we do not anticipate our
and with feedback from shareholder responsible phase-down of thermal coal. steelmaking coal for steel production will
annual emissions reductions progressing
consultations, we determined that this If the global adoption of clean energy be slower than thermal coal, given the
in a linear fashion.
previously stated production cap may technologies and carbon capture important role steel is anticipated
We remain committed to managing the now only serve to cause confusion. We have technologies do not sufficiently advance, to continue to play in supporting the
decline of our current coal portfolio to meet therefore decided to remove the production we see a role for unabated thermal coal construction of transportation and
our 2026, 2030 and 2035 industrial emissions cap, anticipating that our production of for electricity generation beyond 2040. renewable energy infrastructure, and the
reduction targets. As part of our CATP thermal coal should continue to decrease We are committed to working alongside expected limited availability in the medium
update, we considered the usefulness over time, reflecting our decarbonisation governments, industry and our value chain term of alternative steel production
of also maintaining the coal production targets. The Our Scope 3 emissions versus to drive towards our 2050 net zero ambition, technologies that do not require coal1.
cap that was introduced in 2019. coal production graph, on page 14, illustrates which is subject to a supportive policy We therefore anticipate that steelmaking
the change in our coal production since 2019 environment. coal operations are expected to follow
Since 2019:
and we will continue to provide regular a different emissions reduction trajectory
• We have introduced a set of industrial updates and guidance on our expected
Read more here: External engagement
than thermal coal operations.
emissions reduction targets that include production as part of our quarterly Read more about our EVR acquisition here:
Scope 3 emissions, which are largely Production Reports. Our acquisition of 77% interest in Teck’s
associated with our thermal coal steelmaking coal business
Read more about our coal plans here:
production; Responsibly reducing Scope 3 emissions
Change in coal production2 2019-2023 Glencore share of global production Glencore does not have a science-based
(Mt) (Thermal and steelmaking coal) target as defined by the Science Based
Targets Initiative (SBTi). The SBTi
1,000 Glencore 1.3%
methodologies are not applicable for
892 diversified commodity companies as they rely
942 ROW 98.7%
on intensity measures that are too complex
800 to be applied to such companies. The SBTi’s
methodology works on a single commodity or
a single business line but is not applicable for
600
multi-product businesses. In addition, the
SBTi’s policy on fossil fuel companies fully
400 excludes all companies with any level of direct
273 involvement in exploration, extraction, mining
and/or production of oil, natural gas, coal or
200 other fossil fuels from getting their targets
81
and commitments validated, please refer to
0 https://sciencebasedtargets.org/sectors/
-43 oil-and-gas#what-is-the-sb-tis-policy-on-
-103
fossil-fuel-companies.
-200 Glencore EU28 World* China India Indonesia
1. IEA (2023), Number of contractors

Coal 2023, IEA, Paris https://www.iea.org/reports/coal-2023, Licence: CC BY 4.0, pp101
Number of employees
2. Glencore produced saleable coal volumes as per our production reports, restated to align with our organisational boundary of operational control.

Our strategic pillars
Managing our operational

footprint 11
Responsibly reducing our Scope 3
emissions 14
Advancing tomorrow 15
Developing new businesses 17

Managing our operational footprint
We plan to continue driving Our latest consolidated four-year climate prices, an initiative can shift its position We will continue to evolve our MACC to
action plan for industrial assets has identified along the MACC. Such changes can result identify emissions reduction opportunities
improved operational a total of 6.1 MtCO2e in potential Scope 1 in the inventory of NPV-positive abatement across our portfolio. This enables us to identify
performance in our industrial and 2 emissions NPV-positive abatement opportunities fluctuating on an annual basis. and implement investments in abatement
activities through our strong opportunities, as represented on the
This progress has been supported by
opportunities that are practically and
focus on identifying and 2035 MACC (2022: 4.9 MtCO2e). commercially viable. Where opportunities
strengthened organisational capacity,
are deemed not sufficiently ready, we will
delivering cost-effective Each year, we recalculate the levelised cost including additional resources, development
continue to collaborate with industry and
of carbon for each potential abatement of rolling four-year climate action plans,
emissions reduction OEM partners to study and invest in research
initiative, and with changes to input annual review of the marginal abatement
opportunities. assumptions, such as renewable energy cost curves and implementation of cost-
and development to drive technology
maturation and scale requirements to
effective initiatives. The 2023 reduction in our
improve commerciality (see the Group-level
Scope 1 and 2 emissions against a restated
MACC graphs on page 12).
2023 reduction in our Scope 1 & 2 emissions against a restated 2019 baseline 2019 baseline graph, below, illustrates our
(Mt CO2e) progress to date. Through to 2035, we have identified an
estimated 6.1 MtCO2e Scope 1 and 2
40 -18%
Our future plans and ongoing emissions NPV-positive abatement
opportunities:
35
32.9 Mt commitment
We will continue our analysis and planning – From now to 2030, we expect
-2.3 Mt
30 27 Mt
of decarbonisation opportunities across our abatement to be mainly driven by
-3.6 Mt renewable energy Power Purchase
25
operational footprint, which is integrated
into our annual life of asset planning Agreements (PPAs)
20 processes. We are in the process of – From 2030 to 2035, we expect further
developing the MACC to support our new abatement to be achieved through
15 2030 emissions reduction target, which operational efficiency improvement and
will be fully incorporated into our business targeted process technology conversion
10
planning processes. Specifically, our
Looking beyond 2035, we will look to
5
commodity departments will continue
identify additional abatement opportunities
submitting rolling four-year climate action
to address the hardest-to-abate elements
0 2019 2019-2023 2019-2023 2023 plans, which address:
of our footprint, including where technology
• Operational footprint and supply chain
Scope 1 & 2 Reduction Reduction Scope 1 & 2
(market based) in Scope 1 in Scope 2 (market based) is not currently available, developed
(restated)
decarbonisation initiatives; adequately, or cost effective, such as for
For information on how we calculated and restated our emissions data set out in this table, see the
About our emissions calculations and reporting section in our Annual Report 2023 and our Basis of • Plans to further transition purchased the decarbonisation of our truck fleet
through electrification and the use
Reporting 2023, which can be found on our website. energy to renewables;
• Scope 1, 2 and 3 emission profiles and of alternative fuels.
initiatives to deliver Group level 2026, 2030,
and 2035 targets; and
• Climate-related risks and response plans.
For our full disclosure on Scope 1 & 2 industrial emissions performance,
see our Annual Report.

Managing our operational footprint continued
Our abatement priorities for our Scope 1 emissions

Group-level MACC for year 2026
We are working to advance the application of innovative solutions to address our Scope 1
US$/t CO2e
emissions, including a) operating efficiency, b) electrification, and c) switching to
600 alternative fuels.
500
A. Fuel-use efficiency
400
One of our abatement priorities is to implement fuel-use efficiency improvements across
300
our industrial assets. For example, we are investing in the implementation of flowmeters
200
100 3.2Mt NPV positive in mining equipment. The increased monitoring of fuel is expected to allow identification
0 0 1000 2000 3000 4000 5000
of opportunities to reduce consumption through improvements in operator performance,
-100
'000 tonnes CO2 hauling routes and equipment maintenance.
-200
Operating efficiency B. Equipment electrification
-300
Diesel fuel switch Beyond fuel efficiency, we continue to study the use of low-emission mining technology
-400 Renewables
in our new mines, as well as review available technology upon periodic replacement of our
-500 Process technology
mining equipment. We are advancing studies on integrating trolley assist technologies into
-600
our operations.
C. Alternative fuels
Group-level MACC for year 2035 We also plan to leverage alternative energy sources and have multiple pilots underway
US$/t CO2e to test feasibility. We are investigating the potential use of hydrogen as a replacement for
carbon-based reductants, or as a fuel source to be consumed near the point of generation.
700
600 We are evaluating solar steam generation and storage for our industrial heat needs and
500 investigating the potential use of solar concentration to generate steam for our processes.
400
300
200
6.1Mt NPV positive
100
0 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 11000 12000 13000 14000
-100 '000 tonnes CO2
-200
-300 Operating efficiency
-400 Diesel fuel switch
-500 Renewables
-600 Process technology
-700
A MACC presents the costs or savings expected from different opportunities, alongside the potential
volume of emissions that could be reduced if implemented. MACCs measure and compare the financial
cost and abatement (reduction) benefit of individual actions based on $/tCO2e.
A MACC shows each opportunity as an action, presented as a box above or below a horizontal axis.
The boxes above the horizontal axis indicate there is a cost to that action – the higher the box, the higher
the cost. Boxes below the horizontal axis indicate a saving from that action – the lower the box, the greater
the saving. The MACC enables comparison between actions and annualised costs or savings. The width of
the box indicates the action’s potential volume of reduction per year, expressed as tCO2e.
The curve shape is created by ordering the actions from lowest cost on the left, to highest cost
on the right.

Managing our operational footprint continued
Improving methane reporting Our abatement priorities for our We follow a market-based approach to
We continue to consider and implement Scope 2 emissions reporting our Scope 2 industrial emissions.
(Read more about our methodology in our
methane reduction opportunities where Reducing emissions associated with Annual Report).
it is economic and feasible to do so. electricity consumed by our industrial assets
We also recognise the importance of is another major action area within our
accurate measurement of methane decarbonisation plans. Where renewable
emissions. Over the past 20 years, we have sources are available, and where it is
collaborated with the Australian Coal economic to do so, our industrial assets
Industry’s Research Program (ACARP), prioritise entering into PPAs that move our
the Commonwealth Scientific and Industrial energy consumption to renewable sources.
Research Organisation (CSIRO), the
University of New South Wales and the We have already implemented some
University of Queensland to investigate of the projects identified by the MACC
better measurement, capture and process (e.g. renewable PPAs) and will
mitigation of methane emissions. continue to progressively implement
We support the Australian government’s projects as the engineering and planning
efforts to improve measurement, reporting processes are completed.
and verification of methane emissions. For our industrial assets that are not
We also note the recent recommendations connected to grids and are reliant on local
made by the Climate Change Authority electricity generation, we are studying
(CCA) as part of its five-yearly National options for installing on-site renewable
Greenhouse and Energy Reporting (NGER) energy systems, such as wind and solar.
Review. The CCA is a statutory agency In some of our operating jurisdictions,
established to provide independent, we are also investigating opportunities
expert advice to the Australian to support national grids’ utilisation of
government on climate change policy. renewable energy sources, as well
We continue to monitor and review the as biofuels and energy storage.
development of new technologies, including
remote sensors and satellite monitoring.
While our current view is aligned with that of
the Australian government and the CCA, who
consider further work to be necessary before
such methods can be applied to estimate
emissions inventory with transparency and
credibility, we continue to engage closely
with the relevant stakeholders.

Responsibly reducing our Scope 3 emissions
Our Scope 3 emissions1 contribute more For our detailed disclosure on our annual Scope 3 We also continue to explore the potential
than 90% of our reported industrial emission performance, see our Annual Report. for carbon capture, utilisation and storage
emissions footprint, predominantly driven Between 2019 and 2023, we reduced our through our wholly owned Carbon Transport
by our customers’ unabated use of thermal Scope 3 emissions by 22% and closed five and Storage Company (CTSCo), which
coal produced at our operationally controlled coal mines, Liddell, Newlands, La Jagua and aims to demonstrate carbon capture
industrial assets. We are committed to the Calenturitas, as well as Hlagisa, an from a power station and the sustainable
responsible phase-down of thermal coal independently managed joint venture in permanent storage of the captured CO2 in
and are not progressing any thermal coal which we have a 23.12% equity interest. the Surat Basin in Queensland, Australia.
greenfield investments (see graph below). Moving forward, we intend to do the same
with respect to at least seven mines by the
end of 2035: Cerrejón, Integra, Clermont,
Our Scope 3 emissions vs
Oaky North, Mangoola, Impunzi and
coal production Wonderfontein, an independently managed
joint venture in which we have a 24.3%
mtCO2e mt
equity interest.
600 180
To support anticipated global energy needs,
90 we plan to continue to progress select
500 150
brownfield coal investments at existing
mines, such as Hunter Valley Operations
431
80 82 81
400 120
75 (HVO, an independently managed joint
venture in which we hold a 49% equity
334
331
324
300 90
293
interest), Ulan and Hail Creek (primarily

200 60 steelmaking coal), but will continue to align
with our Group emissions reduction targets
100 30 and commitment to a managed decline
of our coal portfolio overall.
0 2019 2020 2021 2022 2023 0
(restated) (restated) (restated) (restated) We are committed to integrating closure
Scope 3 - Category 11 - Use of sold products (LH axis)
planning throughout the life of our industrial
Scope 3 - All other categories (LH axis) assets to achieve safe and stable landforms
Operationally controlled coal production (RH axis) and sustainable outcomes in a manner that
Consolidated coal production (RH axis) incorporates our Just Transition Principles.
For information on how we calculated Read more about our approach to supporting
and restated our emissions data set out a just and orderly transition for our employees
in this table, see the About our emissions
and communities here: Just transition
calculations and reporting section in
our Annual Report 2023 and our Basis
of Reporting 2023, which can be found
on our website.
1. Our Scope 3 emissions are our indirect emissions across the value chain of our industrial assets that are extracting, producing or processing commodities. They include our emissions from upstream supply chains,
downstream customer use of our products, third-party logistics and transportation, and our equity share of emissions associated with certain joint ventures that are not under our operational control as set out in
the About our emissions calculations and reporting section in our latest Annual Report and our latest Basis of Reporting.

Advancing tomorrow
Supplying metals
How our metals can contribute Metals, such as copper, nickel, zinc, aluminium
and cobalt, are important transition-enabling
to the low-carbon transition

commodities and fundamental for the transition to
a low-carbon economy. They are required for many
clean energy and low-carbon technologies, ranging
from wind turbines and solar panels to grid
infrastructure and electric vehicle batteries.
The growth in renewable energy and low-carbon

technologies is leading to an increased need for
these ‘transition’ metals and we forecast a significant
increase in their demand over the coming decades.
Batteries
Read more about our view of demand here:
Copper, Cobalt,
Grid Risks and opportunities
Manganese, Nickel,
Copper, Zinc, Vanadium By supplying metals that are essential to the shift to
Aluminium, a low-carbon economy, our business plays a key role
Vanadium in enabling the energy transition across multiple
sectors, including renewable energy, electrification
of vehicles and energy storage.
Today, we are already a major supplier of metals,

including copper, nickel, cobalt, zinc, aluminium
and vanadium.
Electronics and Beyond our current supply, we are committed to

connected society identifying and investing in value-enhancing growth
Copper, Cobalt, Nickel, opportunities in our metals portfolio that meet
Vanadium market requirements. For example, our copper
portfolio has >1.0Mt p.a. growth optionality based on
significant potential brownfield expansions, as well
as greenfield projects that are being worked through
Mobility our various study and approval phases – see our
Copper, Aluminium, Zinc graphic showing our copper portfolio on page 16.
We recognise that growth in many parts of our

Renewable energy metals business is required for the energy transition,
infrastructure which may place upward pressure on our emissions
Copper, Aluminium, from our industrial assets. We are therefore
Nickel, Silver, Zinc, exploring ways to manage the carbon intensity
Vanadium of our operations as our production grows.
Read more about our abatement priorities here:
Managing our operational footprint.

Advancing tomorrow continued
Sourcing carbon footprint data on our

>1Mt optionality3 products
An accurate assessment of our products’
Portfolio growth optionality
carbon impact requires a methodology with

El Pachon New range clear rules on emissions attribution. It needs
to be able to trace emissions through
complex production processes and account
Mutanda Sulphides for various product and service inputs and
Base portfolio 2
outputs throughout the product’s value
MARA
chain and life cycle. Product carbon footprint
(PCF) studies facilitate this by tracking and
Antapaccay District
assessing a product’s greenhouse gas (GHG)
Collahuasi emissions, which arise from mining,
processing, use, maintenance and disposal
Base Growth
or recycling. We contribute to the PCF
studies conducted by industry organisations
that aim to develop common guidance on
DRC Chile Peru Argentina USA how to calculate the carbon footprint of the
metals they cover. We are in the early stages
KCC Collahuasi Antamina MARA New Range
of assessing the specifically attributed
DRC Chile Peru Argentina USA
75% 44% 3.73% 100% 50% emissions of our own metals’ products,
Total copper resource 1
230mn tonnes 4.7bn tonnes 0.7bn tonnes 1.1bn tonnes 2.0bn tonnes which may provide additional insight into
@4.00% Cu @ 0.76% Cu @0.96% Cu @0.50% Cu @ 0.37% Cu our emissions and allow us to better
communicate the embodied carbon in the
Mutanda Lomas Bayas Antapaccay El Pachon metals we supply to customers.
DRC Chile Peru Argentina
95% 100% 100% 100% Beyond our core operations, we are also
256mn tonnes 2.2bn tonnes 1.3bn tonnes 6.1bn tonnes investing in other business areas such as
@2.01 Cu @0.28% Cu @0.48% Cu @0.43% Cu recycling and carbon solutions, that can
support the global transition to a low-carbon
West Wall Key 2023 changes (tonnes) Total 2023 Cu economy and also generate economic value
Chile Inorganic: MARA +1.1bn Resource 1 for Glencore.
50% Inorganic: NewRange +1.5bn 19.4bn tonnes
1.0bn tonnes Organic: El Pachon +2.7bn @0.58% Cu
@0.46% Cu +5bn tonnes
1. 2023 Reserves and Resources report, total resource base refers to equity share of Measured+Indicated+Inferred resources.
2. Base business assumes extension of permits at existing businesses.
3. All project data highly indicative and subject to change prior to eventual potential financial investment decision.

Driving new business models
Recycling and circularity of solar and wind infrastructure grows. • Originate: Our teams have started to: case for both generating and utilising
Beyond new production, recycling will be In collaboration with our recycling partners carbon offsets as part of our climate change
– Leverage our physical assets around the
required to meet demand growth for many and technology companies, we are engaging strategy. We will prioritise reducing our
world to develop our pipeline of carbon
metals. Scrap is already the source for about with solar panel manufacturers to assess emissions and consider offsetting our
credit projects.
a third of the roughly 30 million tonnes opportunities to increase collection of used residual and hard to abate emissions on our
of annual total global copper supply, panels to reuse components, and recover Our carbon credit pipeline ranges from road to meet our 2050 net zero ambition.
with a growing electric vehicle market critical metals via recycling, for use in new- nature-based solutions to community We also intend to continue buying and
and associated gigafactories creating an generation equipment. projects in several jurisdictions both selling EU Allowances as part of the EU
increasing need to recycle and reuse battery in compliance and voluntary markets. Emissions Trading System and other
A supportive policy environment is required
manufacturing scrap. In addition, recycling compliance schemes where we are active.
to drive sustainable and scalable growth – Partner with renewable energy solution
uses significantly less energy than mining
and smelting primary metal, with copper of recycling. We encourage the promotion providers. Glencore has established a joint • Commercial opportunities: We also see
of collection schemes and other efforts to venture named GenuX to pursue opportunities to support our customers with
from recyclable sources generating
increase scrap collection rates and support the renewable energy development in Latin carbon credits for activities outside their value
approximately 80% lower emissions1 than
development of national battery strategies. America. GenuX aims to develop a chains and other related claims, for example:
mined copper when considering the entire
copper production cycle. Other battery metals multi-gigawatt portfolio, combining – providing differentiated commodity
Read more about our position on offsets here:
such as nickel, cobalt and lithium, while not as our partners’ expertise in construction, product offerings that include carbon credits
External engagement
substantially recycled today as copper, are development and operation with
– ensuring secure supply of credits to
expected to exhibit similar trade-offs. Glencore's extensive knowledge of
Carbon solutions material resources and emerging markets.
help our customers achieve their climate
We are well positioned to take advantage Our carbon solutions teams are actively objectives
of the increasing demand for recycled metals – Develop sustainable and traceable supply
trading carbon, power and biofuels/low chains to originate feedstocks and biofuels. We strive for quality and integrity of carbon
through our facilities for waste pre-processing, carbon fuels, creating liquidity and offering
• Advise: Our carbon solutions teams advise
credits that we source and use. We intend
metallurgical processing and refining. Our both physical and cash-settled forward to comply with external market standards as
processing capabilities allow us to leverage hedging capacity across these markets. the Group on how to structure and deliver they evolve, operationalised via robust internal
proximity to key manufacturing hubs in North Their expertise covers carbon management tailored biofuels, carbon credit and power standards that outline key requirements for the
America and Europe, while our position as a and strategy, trading, origination, structuring solutions, including opportunity scanning voluntary carbon credits we source and use, as
major miner and marketer of minerals allows and execution, making them well-positioned and risk management. well as central oversight on any voluntary
us to combine primary and secondary feeds to support the decarbonisation efforts of carbon credits bought and retired.
to meet quantity and quality requirements, Glencore and of our customers. Our teams
Carbon credits
as well as form sustainable partnerships have established desks in London, We support the use of carbon credits in We intend to disclose our use of carbon credits
to support successful closed-loop Singapore, Houston, New York, Australia specific instances: as and when required by regulation and
and circular resource strategies.
• Regulation: The use of carbon credits
and China with a global remit, which have recognise the value that transparent disclosure
expanded activities in the last three years. of the carbon credits that we retire can have,
As the focus on accelerating the circular in line with regulation in markets independent of whether these are used
economy grows, we support our customers in Through the carbon, power and biofuels and tax jurisdictions where we operate. towards the achievement of our targets.
developing solutions that further battery and desks, we trade, originate and advise, For instance, we will comply with the
electronics/electrical circularity through for example:: Safeguard Mechanism in Australia and The governance of carbon credit use for
provision of raw materials and responsible delivering corporate net zero targets, country
• Trade: Secondary trading of carbon credits
purchase (and retire) Australian Carbon
end-of-life processing and recycling of battery Credit Units accordingly. Nationally Determined Contributions and
components, as well as end of life electronics
and electrical equipment. In addition to sectors
and allowances in compliance and
voluntary markets; sourcing power • Our road to net zero emissions: Carbon sectoral schemes (CORSIA) is developing.
As the roles of carbon credits evolve, we are
credits will play a role in the pathway to net
such as transport, electronics and electrical derivatives and entering into renewable monitoring these developments and will adapt
zero and in delivering the goals of the Paris
equipment, we see the need for circularity Power Purchase Agreements and trading our approach as appropriate.
Agreement. We will consider the business
in the renewable energy industry, as the rollout biofuels globally.
1. Michael E. Henstock, The Recycling of Non-ferrous Metal, 1996, ICME (depending on scrap and ore nature, the percentage may vary).

Responsible
business
practice
Governance 19
Risks and opportunities 22
Capital alignment 25
Just transition 26
External engagement 29
Transparency and metrics 31

Governance
Overview of our governance framework for climate-related risks Board

and opportunities
Informing
Reporting
Our Board is responsible for oversight of overall performance and strategic direction,
Board including with respect to climate change, and considers climate-related issues when
reviewing and guiding major acquisitions and disposals, overall risk management, capital
expenditure and budgeting, setting the Group’s performance objectives and other
Informing
strategic matters.
Reporting
The Board is responsible for overseeing the Group’s climate strategy and progress against
Glencore’s climate commitments. Implementation of our climate strategy is led by the
ECC HSEC Audit Nomination Remuneration management team via our Climate Change Taskforce (CCT). Progress on this topic is a
Committee Committee Committee Committee Committee standing item on the Board agenda and is discussed in Board meetings at least twice yearly.
Through the Chair and CEO, the Board consults with shareholders on climate-related matters.
The Board Ethics, Compliance and Culture (ECC) Committee considers the significant
matters on which the Group has made political representations and our use of lobbyists
and the conduct and positions of our industry organisations on material issues, in line with
Chief Executive and management team our Political Engagement policy.
The Board Health, Safety, Environment, Community (HSEC) Committee considers material
climate-related matters that may impact our operations, such as the implementation of the
revised Safeguard Mechanism in Australia.
The Board Audit Committee reviews the Group’s financial risk management, including those
Climate Change Taskforce (CCT) financial risks relating to climate change and oversees Glencore’s financial statements and
reports, including climate-related financial disclosures.
The Board Remuneration Committee supports the delivery of our climate strategy through
the inclusion of climate-linked metrics and targets within performance-related pay for
Glencore’s CEO.
Industrial Climate Marketing Climate Data Climate External Climate
Working Group Working Group Working Group Working Group
Informing
Commodity department responsibilities Reporting
Chief Executive and management team

Governance continued
Chief Executive and management team

The CEO is the named executive for driving the climate strategy within the Board and has Climate-related topics are addressed regularly by our Head of Industrial Assets with
responsibility for implementing the decisions of the Board and its Committees, as well as industrial leads. Topics may include opportunities to reduce our emissions through
leading Glencore’s operating performance and day-to-day management. operating efficiencies and emissions reduction schemes, as well as approaches to advocacy
on climate-related matters such as carbon pricing.
The CEO is Chair of the CCT, which is responsible for overseeing the climate strategy
(developed in conjunction with the Board) and progress against Glencore’s climate Data collected by each industrial asset is consolidated to provide a commodity
commitments. He also has oversight of the CCT’s four working groups and provides support department’s emissions. Each year, during our industrial asset planning and budget cycles,
and information to the Board for making strategic decisions, including those relating each industrial lead presents the department’s emissions with accompanying workstreams
to capital allocation and portfolio management. and action plans to manage, mitigate and minimise emissions.
The CEO’s scorecard for annual variable compensation includes 30% relating to ESG
matters, of which half is for safety performance and half for progress towards our 2026, 2030
and 2035 industrial emissions reduction targets.
Senior managers from core Group corporate functions, as well as our industrial and
marketing teams, participate in the four working groups that support the work of the CCT.
This facilitates the provision of climate-related information relevant to a particular
commodity or function, which the CCT then consolidates into a Group-wide approach.
Informing
Reporting
Climate Change Taskforce (CCT)

The CCT is accountable to the Board and is led by the CEO. Its other members include the The CCT has four working groups to drive the delivery of our emissions reduction targets
CFO, Head of Industrial Assets, General Counsel, Head of Corporate Affairs and Head of and net zero ambition. It is through these working groups that we assess initiatives to
Sustainability, as well as representatives from other key corporate functions including reduce our emissions, identify and leverage carbon marketing opportunities, design and
investor relations and finance. implement systems to support complete, accurate and attestable reporting and monitor
external trends, while coordinating and overseeing advocacy and communication efforts.
The CCT has responsibility for, and oversight of, the work streams and coordination of
workflow for the delivery of Glencore’s climate strategy and commitments, including These working groups also play an important role in helping inform management about
activities relating to: climate-related issues that need to be monitored.
• decarbonisation of industrial activities;

• internal reporting standard development and data quality and consistency review;
• capital allocation and portfolio management;
• macroeconomic assessments including Group carbon pricing; and
• external engagement, communication and advocacy.
Informing
Reporting
Industrial Climate Working Group Marketing Climate Working Group Data Climate Working Group External Climate Working Group

Governance continued
Industrial Climate Working Group Marketing Climate Working Group Data Climate Working Group External Climate Working Group
• Climate change risk assessment • Group data validation and reporting • Group data reporting procedures and • Monitoring emerging climate topics
• Energy and emissions reduction procedure standards
• External advocacy
• Life of asset planning and budgeting • Research, innovation and governance • Carbon pricing and modelling • Legal
• Data model definition and integration • Carbon accounting • Disclosures
• Market execution
The CCT is supported by a management-level ESG Committee, which provides guidance on
Glencore’s ESG programmes and approves Group ESG policies, standards and procedures,
including those relating to climate.
Informing
Reporting
Commodity department responsibilities

The commodity departments participate in the Industrial and Marketing Climate Representatives of the commodity departments collaborate with industry organisations to
Working Groups to increase knowledge sharing and enable acceleration of the adoption strengthen the understanding of a commodity’s emissions through developing life-cycle analysis.
of decarbonisation action Group-wide.
The commodity departments identify environmental products and power supply
They work on the decarbonisation of their industrial assets through identifying carbon opportunities to support a more efficient approach to carbon and energy markets
abatement opportunities that are inputs for the Group MACC and maintaining rolling and our Scope 2 emissions reduction effort; and assess and revise their climate-related
four-year climate action plans to support their decarbonisation planning. risks and opportunities.
Our policies and standards pertaining • Our Group standards: The Environmental • Our Group procedures: The Energy & Implementation of the requirements of the
to climate change Policy is supported by several standards, of Climate Change Standard is supported standards in relation to climate change is
• Our Code of Conduct, in which we which the most relevant are the Energy &
Climate Change Standard and the Closure
by our Emissions and Energy Reporting
Procedure and Climate Change Risk
subject to various levels of assurance across
the Group and supported by the work of the
recognise the potential impacts
of climate change on our operations Planning Standard. In addition, some of Assessment Procedure, which set out the Industrial Climate Working Group and the
and our communities and commit our other standards address climate- requirements for consistent and accurate environmental teams in our industrial
to work to address these; related risks, such as our Tailings reporting of our carbon emissions. commodity departments.
• Our Environmental Policy, which sets Management Standard, and the

Environment Standard, which considers
out our environmental commitments,
nature and biodiversity; and
including a commitment to support the
goals of the Paris Agreement (Article 2);

Risks and opportunities
Our approach to overall risk (chronic) in climate patterns including This process specifically includes reviewing Our industrial assets are required to develop
management consideration of nature-related risks that existing controls, identifying and evaluating appropriate treatment options for the
could be exacerbated by physical climate additional risk treatment options, calculating identified risks, and to monitor and report
Risk management is one of the core change to long-lived, fixed assets such the potential capital required to support on progress in managing them. The most
responsibilities of the Group’s leadership as tailings storage facilities, locations, with implementation of the controls, and material climate-related risks and
and it is central to our decision-making or operations in climate-sensitive regions submitting the capital requirements into opportunities, and any associated responses,
processes. Our Enterprise Risk Management (e.g. coastal and flood zones) and reliance the budgeting process. The deployment are prioritised and fed into our annual life of
Framework requires our industrial assets on availability of water. of controls is guided by our Enterprise Risk asset planning, budget, and health, safety,
• Transition risks and opportunities:
and industrial commodity departments Matrix which provides guidance on risk environment, social performance and
to conduct annual risk assessments, which treatment action based on risk ratings. We human rights (HSEC&HR) strategy processes.
includes assessing climate-related risks. The transition to a low-carbon economy
will bring with it changes in policy and law, review controls across departments and In particular, we seek to ensure our
Our Group-level approach to risk assets when undertaking the overall risk commodity departments must ensure they
management and reporting (including technology, and market supply and
demand, all of which may present assessment process. have highlighted the financing needed for
climate-related risks1) is set out in our Annual additional risk controls.
Report. Our 2023 Annual Report includes operational, financial and reputational Through this process, climate-related
improvements to our reporting on climate risks and potential opportunities for transition and physical risks are assessed The Board monitors the Group’s risks,
risks and opportunities that we our business. and prioritised for relevance and impact on financial exposure, and related internal
implemented following an external review Under our Energy & Climate Change financial and operational performance at controls to mitigate these risks. Monitoring
in 2023. This CATP focuses on outlining Standard, all our industrial assets are different organisational levels. Risks with the and reporting are the responsibility of the
the process through which we identify required to perform annual climate change highest Potential Maximum Consequence Group risk functions and the heads of
climate-related risks and opportunities risk assessments. These follow a detailed are included in the Group Risk Register, with corporate functions who provide regular
and shares some example outputs. process that requires our corporate, consequences determined across multiple updates to the Board and its committees
commodity department, and industrial asset categories, including environmental, human covering various risks and the performance
Our approach to climate-related teams to undertake risk identification, rights, financial, and image and reputation. of the relevant controls in place.
risks and opportunities assessment, and evaluation, as well

as financial planning for relevant
Climate change and the global efforts to
mitigation measures.
decarbonise will create both opportunities
and risks for our sector overall and for our
business specifically, and we consider the
following in our assessment: Scoping Risk identification Risk assessment Risk evaluation Integrate results into
• Physical risk: Potential impacts resulting Define risk

assessment
Collect information
and data for
Assess current and
future risk ratings for
Identify additional
risk treatment
financial planning
Document and
from climate change (either direct
boundaries, aligned assessment. the identified options for climate- confirm budget
damage to assets or indirect impacts
to the Energy & climate-related risks related risks that are requirements for
from supply chain disruption) can be Identify climate-
Climate Change and assess emissions deemed to have additional risk
event-driven (acute) or longer-term shifts related risks and
Standard and Climate abatement inadequate existing treatment options.
opportunities, which
Change Risk opportunities using controls to manage
also consider nature-
Assessment the MACC. the risk.
related risks, relevant
Procedure.
to the industrial asset
and industrial
1. Beyond climate-related risks, nature-related risks commodity
are also part of our risk assessment process. department.
Further detail can be found in our Annual
Report.

Risks and opportunities continued
Our approach and findings on (i.e. 2°C or lower) and a high-emissions We conducted an analysis of the future Seaborne thermal coal: In terms of industry
climate-related physical risks scenario (i.e. 5-8.5°C) for near, medium demand and pricing outlook (considering volumes, we expect demand for seaborne
and long-term horizons. policy and technology developments) for thermal coal to fall across all climate
As part of our process, climate change- industrial commodities that we are materially scenarios: the faster the transition, the more
related physical risks are identified and Through this process, we have identified
exposed to: (1) seaborne thermal coal, (2) accelerated the fall in demand. However,
evaluated through a commodity several specific asset-level risks and
copper, and (3) nickel. we still foresee some demand for seaborne
department-level climate change risk accompanying mitigation measures
thermal coal beyond 2040, especially if
assessment, using industrial asset-specific to manage climate-related physical risks. For this analysis, our team input data-driven
stated government policies are not further
data to evaluate the potential impacts on assumptions (based on latest available
For example, our most recent risk strengthened. In terms of industry prices,
Glencore. Our modelling approach that intelligence) into a third-party climate and
assessment identified several sites across we see potential for price resilience with
feeds into this process considers risks from a energy transition model, which provides a
Peru, Canada and the US where flooding support being derived from the structure
number of hazards (and their related climate volume and price outlook for relevant
presents a high risk by 2030, due to its of the global supply cost curve, declining
change indicator1 data) and assesses them commodities across three climate scenarios
potential negative impacts on our supply average coal quality and the expected
across three time horizons and three climate (with emissions outcomes equivalent to the
chain, and disruptions to our production trend to increase the quality of coal being
scenarios set out below. IEA SPS, APS, NZE scenarios) over time (2030,
processes and deliveries. Prevention and consumed. Overall, considering the
2040, 2050).
The following climate-related risks are mitigation controls for our highest-risk trajectory of a responsible phase-down,
included in our risk taxonomy: flooding sites include hydro-geological • Supply inputs to the model: To 2030, we we expect continued resilience in our
own coal business.
• extreme heat monitoring with early alerts, emergency
spillways and remote-controlled water
use the latest information on future
possible projects to inform our view on
• extreme cold treatment. Physical risks are actively cost curves. Beyond 2030, we estimate
For more detailed modelling on the potential
impairment risk to our existing coal assets under
• river flooding monitored at the industrial sites to adjust supply curves based on data-driven different climate scenarios, please refer to our
• extreme rainfall controls as needed. assumptions. Annual Report.
• extreme winds • Demand is an output of the model: The

Our approach and findings on
• wildfires
model includes CO2 targets consistent
climate-related transition risks with the IEA’s SPS, APS and NZE scenarios.
• rainfall induced landslides and opportunities The model calculates demand based on
• water stress or drought. Robust assessments of transition risk are
the lowest-cost outcome for reaching
those targets.
Our assessment process considers
the IEA scenarios for risks from policy and
conducted annually by each commodity
department as part of our risk assessment • Prices are an output of the model: Based
process. This identifies significant policy risks2 on the marginal supply intersection of cost
the cost of carbon and the IPCC’s Shared
curves with the expected level of demand
Socioeconomic Pathways, which align with (including those relating to technology,
in each scenario.
the IEA scenario temperature outcomes, reputation and legal risk) and assesses the
for physical risks. These are applied to a net potential impacts on our business across The overall findings from this analysis are
zero emissions by 2050 scenario (i.e. likely different time horizons and climate scenarios, summarised in this report. Where possible,
below 1.5°C), a low-emissions scenario informing our strategic planning. we compare our outlook to relevant
modelling from the IEA.
1. A set of parameters that describe the changing climate without reducing climate change to only temperature. They comprise key information for the most relevant domains of climate change: temperature and
energy, atmospheric composition, ocean and water as well as the cryosphere. They include Warm Spell Duration Index, Cold Spell Duration Index, Fluvial Flooding, Coastal Flooding, Pluvial Flooding, Tropical
Cyclones (wind speed), Maximum Burned Area, Forest Fire Danger Index, Rainfall-induced Landslides and Water Stress Index.
2. They comprise key policy information on: Technology Costs: Solar PV Capital Costs, Cost of Carbon, Industry: Emissions, and % Change; Industry: Iron and Steel Emissions, and % Change; Transport: Heavy-Duty
Trucks Emissions, and % Change; Electricity: % Supply Solar PV and Wind, % Change; Electricity: Supply Emission Intensity, % Change; Industry: Energy Consumption TFC, % Change; Industry: Iron and Steel Energy
Consumption TFC, % Change; Buildings: Services Buildings Emissions, % Change; Transport: Oil in Transport TFC, % Change; and Transport: Electricity in Transport TFC % Change.
3. Glencore engaged a third-party consultant and used their Intersect Model to evaluate commodity demand and pricing impacts under the respective climate scenarios.

Risks and opportunities continued
Copper: We expect high growth in demand Beyond using scenario analysis to assess
for copper across all scenarios. We expect potential financial impacts on our business
2040 forecast global demand volume, % change from 2021
supply constraints for copper towards 2030 and consider our strategic resilience,
to contribute to higher prices due to the lead we leverage this analysis to actively manage 200% Glencore SPS IEA SPS
time to add new mining capacity. We have climate policy risks and opportunities on an Glencore APS IEA APS
assessed a range of sensitivities including annual basis. We closely monitor the most 100%
Glencore NZE IEA NZE4
At the time of modelling
scrap rates and substitution rates. We found critical indicators (including climate policies,
that the growth of demand and increased rate of clean energy technology adoption,
pricing holds true even across sensitivities. battery technology evolution, level of 0%
recycling, among others) to refine our

Nickel: In the short term, nickel markets
demand and price expectations. This in -100%
have surplus supply and commensurate
turn informs our decisions to accelerate
price weakness. As the global energy
(or decelerate) our project pipeline and Copper1 Nickel2 Seaborne thermal coal3
transition accelerates, while we expect
capital allocation across commodities. -200%
higher growth in demand for nickel across
all scenarios, the current supply pipeline is
sufficient to meet demand without material
constraints for nickel until around 2040. We Note: All figures calculated as % increases between demand in a baseline year and demand in 2040; 1)
have a range of sensitivities included in this Due to data availability, copper figures for both Glencore and IEA based on 2022 baseline year; IEA
baseline and forecast data both from IEA Critical Mineral Demand 2023; Glencore baseline is same as for
assessment including HPAL (High Pressure
IEA, with forecast based on Glencore modelling; 2) Nickel figures for both Glencore and IEA based on
Acid Leach) supply and battery electric
2021 baseline year; IEA baseline from IEA Critical Minerals Policy Tracker 2021 and forecast from IEA
vehicles nickel content. Critical Mineral Demand 2023; Glencore baseline is same as for IEA, with forecast based on Glencore
modelling; 3) Thermal coal figures based on 2021 baseline year; IEA baseline and forecast from IEA WEO
This analysis supports the assumption
2022; Glencore baseline and forecast from Glencore modelling; 4) Comparable IEA NZE data not
that across all climate scenarios, the market
available for thermal coal.
demand growth in copper and nickel is likely
to outweigh the impact of any decline in Source: Glencore Modelling; IEA Critical Mineral Demand 2023; IEA WEO2022 Extended Dataset (Trade);
seaborne thermal coal. Given our integrated IEA Critical Minerals Policy Tracker 2021
portfolio, we expect that our current
business should be resilient to transition
risk across climate scenarios.

Capital allocation
Our approach to capital • Alignment with our climate strategy cycle. However, given the variability climate targets and our ambition of achieving
allocation and decarbonisation targets of economic cycles along with the difficulty net zero industrial emissions by the end
We seek to align our material capital • Long-term commodity price assumptions, of forecasting the many longer-term
variables that can impact our business,
of 2050, subject to a supportive policy
environment, reflecting our commitment to
expenditure and investments with the goals market analysis and financial returns
of the Paris Agreement (Article 2) and our • Health, safety, environment, social it is increasingly counterproductive to
provide granular forecasts outside our
continue investing in our portfolio’s transition
metals and to responsibly phase down our
own climate commitments. Our disciplined performance and human rights commitments
detailed four-year planning timeframe. thermal coal business.
approach to capital allocation seeks to reflect
We review our capital allocation plans across
market supply and demand dynamics. Going forward, we intend to continue
the business on an annual basis (more Capital allocation in the context to allocate capital to operate and to deplete
Our capital allocation strategy is consistent frequently in some instances, as required)
of climate our upstream energy industrial assets in a
with overall Group strategy set by the Board and provide three-year rolling financial
We recognise the importance of allocating manner that is consistent with our Values
– and we adapt it accordingly. We have a forecasts relating to such plans to investors.
capital to deliver our climate strategy, and our climate strategy. More specifically,
rigorous approach to assessing capital Given the capital-intensive nature of our
and our capital allocation reflects both this comprises the intended cessation of
decisions, and evaluate all material capital business, we undertake detailed planning of
our commercial and climate priorities. mining for at least 12 coal mines between
expenditure decisions with several our business investment needs and
Our capital allocation strategy for our 2019 and the end of 2035 (to specifically
considerations, including: opportunities within our annual planning
industrial assets is aligned with the align with our medium-term risks and
achievement of our short- and medium- term opportunities time horizon and our 2035
target), along with an associated decrease
Category Definition in the capital expenditure required by the
existing coal portfolio.
Major equipment overhaul Total cost greater >$750k, involving a major rebuild which extends the OEM equipment’s original
useful life expectancy We are not progressing greenfield thermal
Infrastructure Onsite and offsite earthworks, structural engineering, pipelines and electricity (etc) in support of coal investments. Any thermal coal or oil
mining brownfield discretionary capital expenditure
must have a high return/short cash payback
Smelters/refineries Spend on fixed plant at smelters and refineries (incl. integrated), including the capital element of that generates cash flow to fund the overall
any plant turnaround portfolio and reflects the higher cost of capital
Coal Handling & Prep. Plant (CHPP) Spend on fixed plant within the CHPP area - coal only associated with this business. Any such
investments will not compromise the delivery
Mining and processing equipment – mobile Purchase of mobile mining and processing equipment (e.g. trucks, loaders, diggers)
of our emissions reduction targets.
Mining and processing equipment – fixed Purchase of fixed mining and processing equipment (e.g. capitalisation of OEM parts and
replacements for crushers, mills, longwalls) The metals we produce have a critical role in
enabling the economy to decarbonise across
Water management Spend on dams, dewatering, pipelines or other water facilities other than tailings storage facilities multiple sectors (see Advancing tomorrow).
Tailings Spend on tailings storage facilities We recognise the role that disclosure of how
Development drilling Development drilling after the prefeasibility and feasibility phases we allocate capital can play in helping our
stakeholders assess and evaluate our
Exploration Exploration and evaluation spend including lease requirements, drilling, prefeasibility and
approach to mitigating climate-related risks.
feasibility phases
We have therefore enhanced our disclosure
Property purchases Acquisition of land in providing the following breakdown of
Deferred mining – opencut Capitalised working cost/deferred stripping spend categories per commodity (see table
to the left).
Deferred mining – underground Capitalised development
For details of our capital allocation during
Lease recognition capex Initial recognition of leases under IFRS 16 the year, refer to our Annual Report

Just transition
Our Just Transition Principles • Supporting civic dialogue: We aim to • Advocating for government policies that Our Closure Planning Standard requires our
collaborate with key stakeholders, other support a just and orderly transition: We industrial assets to assess their closure
The transition to a low carbon economy
mining companies and other industries recognise that many of our host maturity using principles within the ICMM’s
will affect our operations in different ways:
to support civic dialogue and greater governments are still developing their just Closure Maturity Framework. This considers
• In some areas there will be a ‘transition transparency in our operating countries transition policies. As such, we aim to integration into life of asset planning,
out’ as we close certain energy assets that – we believe this is critical to enable the support our host governments and to knowledge base, closure vision, principles
are uneconomic or reach the end of their advancement of human rights through advocate for frameworks that ensure that and objectives, post-closure land use,
economic life; and the transition. a share of existing taxes and royalties is stakeholder engagement, assessment of
• In other areas there will be a ‘transition in’ • Supporting vulnerable people and allocated to supporting at-risk mining
communities and their transition to a low
risks and opportunities, closure activities,
success criteria, progressive closure, social
as we focus on our operations producing groups: We recognise that the transition
the commodities required for the may have a greater impact on vulnerable carbon future. and economic transition, closure costs,
transition and ramp-up activities as our groups. We consider these groups during closure execution planning, monitoring,
Our approach to a just and orderly transition
metals and recycling businesses expand our stakeholder identification processes maintenance and management and
considers current frameworks (e.g. World
to meet the demands of a low- and determine the most appropriate ways successful transition.
Benchmarking Alliance, Council for Inclusive
carbon society. of engaging with them. We try to Capitalism and Climate Action 100+) and We also have ongoing workstreams to
understand and respect their concerns builds on our established practices, mitigate, manage, and reduce our activities’
A just and orderly transition is a global,
and identify opportunities for their including our Group policies such as our impacts on nature and natural capital. In
regional and country specific challenge
inclusion and participation. Environmental, Social Performance and accordance with our nature strategy, we are
which we cannot solve alone. In our
approach we will seek to work together • Promoting resilient communities: Where Human Rights Policies and our Group evaluating how we can achieve no net loss
with governments, other businesses, possible, we seek to foster socioeconomic standards such as our Closure Planning, of biodiversity.
communities and other stakeholders to resilient communities through building Social Performance, Human Rights
For further detail on our responsible stewardship,
mitigate impacts and accelerate the social capacity, enabling diversification of local Standards and our IDEAL Framework including our approach to nature – read our
benefit potential that the energy transition enterprises, and working to ensure local (Inclusion, Diversity, Equity, Advancement Sustainability Report.
facilitates. small, medium-sized and micro- and Local), as well as the ICMM Principles.
enterprises (SMMEs) have fair access Our actions
We use the following set of principles to to our contracts.
Our closure planning approach We have determined that the relevance of
inform our approach to the just transition:
• Supporting skills development: The As a mining company, closure planning is an a just and orderly transition for our industrial
• Adopting a multi-stakeholder approach:

integral part of our operational strategy and business is greatest in Colombia and South
retraining of our workforce who are
planning. We are a responsible operator and Africa, where we are focusing our efforts.
To manage a structural decline in mining directly affected by the energy transition
are committed to integrating closure
production successfully, a multi- is important to support local economies Colombia
planning throughout the life of our industrial
stakeholder approach is essential. We – we aim to promote and contribute to We understand the government’s efforts to
assets as part of our efforts to achieve safe
engage with national and regional skills development for the future energy progress the transition in Colombia through
and stable landforms and sustainable
governments, affected communities, our system where appropriate. a road map that sets out the needs of the
outcomes that consider our Just Transition
workforce, trade unions and civil society
groups to consider options to address the
• Supporting infrastructure and public Principles. Our industrial assets are required nation’s regulatory framework and
supporting projects for a Just and Orderly
services development: We recognise that to develop and maintain their closure plans
socioeconomic consequences arising from infrastructure development not only to follow good practice, reflect consultations Transition throughout the country.
mine closure as a result of the transition to supports our mine operations but provides with local communities to consider their We believe that the government must lead
a low carbon economy. For further detail stimulus for local employment and needs, and to include regulatory the transition process for it to be inclusive,
on our stakeholder engagement approach economic prosperity. requirements. transparent and predictable, enabling
– read our Sustainability Report. equitable stakeholder participation and
effective implementation.

Just transition continued
We welcome the participation of and Glencore’s operations in Colombia have South Africa
contribution to the transition from developed a number of programmes The government of South Africa has set
Colombia’s national and regional focusing on environmetnal protection and up a dedicated government agency, as well
government, the communities living close to capacity building for local communities, as the Just Energy Transition Investment
our operations, the private sector operators some of which can play a role in supporting Plan. We support and encourage greater
in the regions and other impacted parties. a Just and Orderly Transition. consultation and engagement with
impacted stakeholders, including industry,
We also believe that the transition should
communities, and labour.
not take place in isolation but should seek
to build on existing efforts to leverage their
results and incorporate these into a
broader plan.
Our Just Transition Principles Colombia South Africa
Adopting a multi-stakeholder approach Draw on previous research on opportunities The complexity of the energy transition in South Africa and the scale and potential
for economic diversification to engage significance of its impacts mean a multi-stakeholder approach is essential. We welcome
with stakeholders. ongoing efforts, and particularly support dialogue with all industry participants to help
holistically identify and mitigate risks associated with operational changes .
Use environmental conservation efforts as
opportunities for community employment
and economic diversification.
Supporting civic dialogue We continue to promote an open and We believe dialogue is needed to enable a transparent, predictable, and stable approach
transparent dialogue with Indigenous Peoples, to the energy transition in South Africa. The predictability of the transition roadmap –
land-connected peoples and local communities, for instance around planned closures of coal-powered power stations – is necessary
diverse civil organisations, and industry to enable a robust response that deploys actions in a sequenced, effective manner,
stakeholders through the different platforms that supports resilient communities.
and mechanisms available in regions where
we operate.
Supporting vulnerable people and groups We continue engaging with communities We are committed to responsibly managing the decline of our thermal coal operations
in our zone of influence to identify fundamental as part of our efforts to meet our 2050 net zero industrial emissions ambition, subject
needs, such as maintenance of water wells to a supportive policy environment. Some of our coal operations in South Africa are located
and traditional water reservoirs. in a designated Renewable Energy Development Zone, and their rehabilitation plans create
opportunities to investigate renewable energy generation facilities for community use as
long-term alternative land use options.

Just transition continued
Our Just Transition Principles Colombia South Africa
Promoting resilient communities We support a collaborative platform that promotes capacity building We seek to support the building of self-sustaining communities and
necessary for the development of the mining corridor in the region. the development of skills and competencies to service the need to
complete large-scale projects and stimulate the local community
economy.
For instance, through the Rhovan Renewable Energy Programme

local community members will be trained in solar PV installation
and maintenance to support their own businesses and provide
services to the Rhovan sites.
Supporting skills development We continue capacity building with local communities to support We support the skills development of our current and future
the skills needed for enterprise development. workforce, as well as upskilling local communities to help meet
the growing needs for a capable and trained workforce, including
in the following areas:
• Renewable energy
• Data management
• Artificial intelligence
Supporting infrastructure and public In partnership with the Colombian government, we support We have supported development of local public infrastructure,
services development development of local infrastructure programmes such as those and continue to assess further such opportunities, e.g. in relation
addressing water access and education facilities. to energy access. We believe both infrastructure and public services
should be addressed through the Just Energy Transition Investment
Plan and in the transition roadmap.
Advocating for government policies that We work with peers and industry associations to promote appropriate We support the efforts by the South African government to develop
support a just and orderly transition public policies on just transition and support local authorities focused the policy framework that enables the just and orderly transition, and
on developing technical capabilities for their institutional mission. to commence the relevant planning. We encourage further dialogue
and development of local, more granular plans that can leverage the
industry’s ongoing efforts, alongside discussions on how to avoid
simply offshoring carbon emissions to carbon havens throughout
the transition process at the expense of local industry
and employment.
For instance, we support the planned implementation of Virtual

Wheeling, which would allow consumers to purchase renewable
power from any producer across the country. It would enable
companies with multiple smaller and low-voltage loads scattered
across various geographic areas in South Africa to participate in the
energy market.

External engagement
Our goals Our engagement with b. Security of supply mechanisms to direct funds towards
We believe systems-level change is needed government and public policy • Glencore advocates for responsible and low-carbon technologies. Incentives
sustainable mining, refining and recycling for the deployment of low-carbon
at both the national and the sector level, We seek to play an active and constructive practices. These practices not only meet technologies and processes, as well as
requiring companies, governments and civil role in supporting the development and consumer and investor expectations but relevant supporting regulatory measures,
society to work together. We are committed implementation of progressive and well- also aim to shorten the time from should provide long-term predictability
to playing our part – and have developed designed policies that are consistent with a discovery to production. and ease of implementation for the
a set of four goals to frame and prioritise
• It is crucial to enhance investment in
just, orderly and equitable climate transition sectors affected.
our external engagement.
• Incentivising policies should take
and the attainment of the Paris climate
goals (Article 2). mining projects to meet the growing
demand for transition-enabling a long-term, holistic approach towards
1. Acceleration of clean technology: commodities. Additionally, supporting the creation of low-carbon value chains.
Incentives, standards and policies and projects that address climate
Goal 1 2. Least-cost emissions reduction:
government-backed projects to drive risks in mineral-producing regions are
Acceleration of clean technology needed to prevent these minerals from Market-based regulations governing
accelerated uptake of lower-carbon
becoming a bottleneck in clean energy industrial practices that drive a
and decarbonisation technologies.
transitions. competitive, least-cost emissions
a. Permitting
• Permitting is a key step in enabling • Glencore seeks to collaborate reduction approach
a. Carbon price
Goal 2
•
society to build the infrastructure required with policymakers, emphasising the
for a decarbonised future within the importance of international cooperation Carbon pricing is a key tool in addressing
Least-cost emissions reduction
accelerated timeline required to meet net and public-private partnerships. greenhouse gas emissions as it assigns
zero ambitions. This collaboration would help support a cost to carbon emissions, encouraging
Goal 3 • Glencore supports permitting that a stable and secure supply of critical
minerals essential for the transition.
lower-cost emissions reduction
and removal.
• One of the elements of Glencore's strategy • Glencore

prioritises decisions being made in a
Transparent and timely manner, thus providing regulatory endorses governmental policies
harmonised disclosure certainty for capital-intensive investments. in this area is to advocate for increasing providing clear long-term costs of
Additionally, timely judicial review will recycling capabilities, augmenting the greenhouse gas emissions, and a level
prevent litigation from extending beyond primary supply of critical minerals with a playing field for the global application of
a reasonable timeline. harmonised, globally efficient waste carbon prices to avoid carbon leakage.
Goal 4
Just transition • As project sponsors and investors, we collection and recycling ecosystem. This • Policies should offer predictability for
support modernisation of permitting laws will become increasingly important as a industries transitioning to low-carbon
while upholding strong environmental, means to sustainably provide the methods. Sectors like mining, metals and
labour, safety, Indigenous Peoples, materials necessary for the transition. energy need a consistent, long-term
land-connected peoples and local carbon pricing signal for strategic planning.
• Consistent support for low-carbon
c. Carbon incentives
communities’ engagement standards. Any
durable and effective reforms to permitting
• Policies taxing carbon emissions should be
technology development and deployment
accompanied by the allocation of carbon
laws will require inclusivity and a balanced pricing revenues to the development and is crucial, especially in energy-intensive
approach to stakeholder engagement implementation of emissions reduction sectors. Revenues from carbon taxes
coupled with reasonable timeframes. technologies in the most exposed industrial should prioritise advancing green
sectors and vulnerable populations. technologies in sectors prone
• Effective revenue recycling policies should to carbon leakage.
establish clear and predictable

External engagement continued
b. Carbon credits/CCS b. We welcome emerging requirements Our engagement with Our engagement with our
• Clarity in the role of offsets, including regarding disclosure of climate our industry value chain
nature and technological removals (e.g. strategies, transition plans and carbon
direct air capture, bioenergy with carbon performance. We believe these At a global, national and local level, we We aim to contribute to the decarbonisation
capture and storage, and a/reforestation) requirements should recognise the participate in a broad range of industry- of global value chains by supplying metals
and the role of carbon capture and storage complexity and diversity of reporters, coordinated efforts. Our engagement ranges to support the transition and developing
(CCS), is needed for cost-effective and enable transparent, accurate and from having a leadership role in an industry future low-carbon products (see
abatement, deployment of finance and consistent reporting, without enforcing organisation, to being active participants in Advancing tomorrow).
wider global emission reductions within specific strategic approaches, and ongoing working groups, to providing input
Beyond that, we will continue to engage
emissions trading systems. avoiding a one-size-fits-all approach. to specific efforts.
with our suppliers, customers and
• We believe policymakers should prioritise 4. Just transition: Between 2024 and 2026, we plan to continue
actively participating in industry associations
commodity and product associations
on climate-related matters. As an example,
the implementation of Article 6 of the
Mechanisms to support workers and
Paris Agreement. This enables and initiatives which support our external we are an active member of the Global
communities through a just and engagement goals. This includes as a Battery Alliance and continue to support its
international collaboration in meeting
orderly transition including through member of the International Council on Battery Passport initiative. Batteries will be
Nationally Determined Contributions
(NDCs) through the trade of GHG
reskilling, access to employment and Mining and Minerals (ICMM); we are essential to enable electrification across
emissions mitigation outcomes. With social security. participants in its Innovation for Cleaner, multiple sectors, and we aim to bring new
comprehensive implementation and a. We believe the transition must be Safer Vehicles initiative. We are working levels of transparency to the supply chain.
transparent, credible accounting, Article 6 orderly and affordable and recognise it alongside equipment manufacturers We have collaborated with companies
allows nations to invest in decarbonisation will not be linear in geography and time. and technology suppliers to accelerate across the supply chain to launch the
projects abroad, thereby enhancing global b. The transition to a low-carbon future the development of zero-emission proof-of-concept for the Battery Passport.
capacity to combat climate change. requires a multi-stakeholder approach. mining vehicles.
• Focusing investment on CCS as well as c. Government frameworks should ensure

a share of existing taxes and royalties is
We are a founding member of the World
carbon removal technologies is crucial. Economic Forum’s Circular Economy
These can mitigate emissions from allocated to supporting at-risk mining Partnership, which aims to accelerate the
existing, strategically important, yet communities and their transition to a transition to a sustainable and circular
emissions-intensive assets and industries low-carbon future. electronics sector. Through the Partnership,
within various countries/regions. we can, as a smelter and a refiner, speak
Reflecting the nature of our business, we
directly to electrical OEMs. As these two
3. Transparency and harmonised prioritise a local approach to advocacy, and
we actively engage with local and national parties sit at opposite ends of a linear supply
disclosure:
governments. At corporate level, we respond chain, they might otherwise have little
Harmonised corporate emissions and reason to connect, but through connecting
climate reporting regimes, and clear to consultations on policies that relate to our
stated climate policy goals, or where they can support progress towards a
standards and reporting rules. circular approach.
might have a material impact on our
a. We support meaningful and reasonable
business. We recognise our responsibility to assess our
disclosure, transparency and traceability
of product and organisational carbon industry association memberships for their
footprint assessments, as for instance compatibility with our Climate Action
defined by the GHG Protocol. We believe Transition Plan, and publish an annual
these inventories should prioritise review of our direct and indirect
identification and disclosure of material advocacy activities.
sources of emissions, and follow
consistent, harmonised data protocols,
including attestability requirements.

Transparency and metrics
Annual progress reports Reflecting the growing reporting • Scope 3 emissions from third-party • Marketing risk process: We are in the
requirements relating to climate and traded volumes: We anticipate that process of strengthening our marketing
We recognise the importance of
feedback from our stakeholders, we are we will need to disclose Scope 3 emissions risk assessment process and intend
transparently reporting on our approach
increasing our disclosures in several areas: from third-party traded volumes. We are to provide an update in due course
with respect to managing climate change
within our business and progress towards
delivering our targets and ambitions.
• Historical CAPEX: We have developed preparing for this requirement, noting
that regulatory requirements have not
once available.
a new reporting categorisation with

been finalised. Other reports
Going forward, we will provide an annual additional granularity that we will report
update on our progress against this plan, against annually. • Incentives and skills: We are planning In addition to our Climate Report,
our targets and ambition. We obtain to review our incentives alignment and we produce several publications covering
external verification on our performance for skills and competencies assessment a range of ESG topics.
specific key performance indicators (KPIs), processes ahead of the next CATP,
including our emissions performance. We and disclose our progress.
are also taking steps to improve our internal
reporting of KPIs as well as to strengthen Further information on our material topics
the accuracy of our emissions reporting.
Material topic Public disclosures
Modern Payments to Ethics & Voluntary
Regulatory disclosure Annual Sustainability Slavery Governments Compliance Principles Water TSF Microsite
frameworks Report Report Statement Report Report Report Microsite
We were an early supporter of the Climate Change

Task Force on Climate-related Financial
Water
Disclosures (TCFD) and are pleased to align
to its recommendations in our annual Land Management
reporting. Our TCFD-aligned disclosures Biodiversity
are available in our Annual Report.
Diversity, Equity & Inclusion
We support the guidance on climate-related
Social Performance
disclosures under IFRS S2, developed by the
International Sustainability Standards Board Catastrophic Hazards (incl.
(ISSB). Moving forward, we are preparing to Tailings Dam Management)
align to its recommendations when it is Occupational Health
implemented for companies listed in the UK.
Workforce Safety
We consider these reporting requirements
to be largely aligned with those of the Ethics & Compliance
Carbon Disclosure Project (CDP); we are Transparency
prioritising preparing to comply with new
requirements under ISSB and will not Responsible Sourcing
participate in CDP. Human Rights
Indigenous Peoples
Just transition (emerging

topic)
Detailed information available High-level information available No information available

Additional
information
Important notice 33
Contact information 34

Important notice
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
Cautionary statement regarding factors which may cause actual results, performance outcomes expressed or implied in any forward- data or volume references (including, without limitation,
forward-looking information or achievements to differ materially from any future looking statements in this document will actually ratios and/or percentages) in this document are
Certain descriptions in this document are oriented event, results, performance, achievements or other occur. Glencore cautions readers against reliance on estimates. GHG emissions calculation and reporting
towards future events and therefore contains outcomes expressed or implied by such forward- any forward-looking statements contained in this methodologies may change or be progressively refined
statements that are, or may be deemed to be, looking statements. Important factors that could document, particularly in light of the long-term time over time resulting in the need to restate previously
“forward-looking statements” which are prospective impact these uncertainties include (without horizon which this document discusses in certain reported data. There may also be differences in the
in nature. Such statements may include, without limitation) those disclosed in the risk management instances and the inherent uncertainty in possible manner that third parties calculate or report such data
limitation, statements in respect of trends in section of our latest Annual Report and Half-Year policy, market and technological developments in compared to Glencore, which means that third-party
commodity prices and currency exchange rates; Report (which can each be found on our website). the future. data may not be comparable to Glencore’s data. For
demand for commodities; reserves and resources These risks and uncertainties may materially affect No statement in this document is intended as any information on how we calculate our emissions and
and production forecasts; expectations, plans, the timing and feasibility of particular developments. kind of forecast (including, without limitation, a profit operational energy consumption data, see the About
strategies and objectives of management; Other factors which impact risks and uncertainties forecast or a profit estimate), guarantee or prediction our emissions calculations and reporting section in our
expectations regarding financial performance, include, without limitation: the ability to produce and of future events or performance and past 2023 Annual Report and our 2023 Basis of Reporting,
results of operations and cash flows, climate transport products profitably; demand for our performance cannot be relied on as a guide to future which are available on our website.
scenarios; sustainability performance (including, products and commodity prices; development, performance.
without limitation, environmental, social and efficacy and adoption of new or competing Except as required by applicable regulations or by Sources
governance) related goals, ambitions, targets, technologies; changing or divergent preferences of law, Glencore is not under any obligation, and Certain statistical and other information included in this
intentions, visions, milestones and aspirations; our stakeholders; changes to the assumptions Glencore and its affiliates expressly disclaim any document is sourced from publicly available third-party
approval of certain projects and consummation of regarding the recoverable value of our tangible and intention, obligation or undertaking, to update or sources. This information has not been independently
certain transactions (including, without limitation, intangible assets; changes in environmental revise any forward-looking statements, whether as a verified and presents the view of those third parties and
acquisitions and disposals, in particular the proposed scenarios and related regulations, including, without result of new information, future events or otherwise. may not necessarily correspond to the views held by
acquisition of a majority stake of EVR from Teck limitation, transition risks and the evolution and This document shall not, under any circumstances, Glencore and Glencore expressly disclaims any
Resources Limited and potential subsequent development of the global transition to a low carbon create any implication that there has been no responsibility for, or liability in respect of, and makes no
demerger of the combined coal and carbon steel economy; recovery rates and other operational change in the business or affairs of Glencore since representation or guarantee in relation to, such
materials business); closures or divestments of capabilities; timing, quantum and nature of certain the date of this document or that the information information (including, without limitation, as to its
certain assets, operations or facilities (including, acquisitions and divestments; health, safety, contained herein is correct as at any time accuracy, completeness or whether it is current).
without limitation, associated costs); capital costs environmental or social performance incidents; subsequent to its date. Glencore cautions readers against reliance on any of
and scheduling; operating costs and supply of labour shortages or workforce disruptions; natural the industry, market or other third-party data or
materials and skilled employees; financings; catastrophes or adverse geological conditions, Cautionary statement regarding climate information contained in this document.
anticipated productive lives of projects, mines and including, without limitation, the physical risks
associated with climate change; effects of global strategy Information preparation
facilities; provisions and contingent liabilities; and tax, Glencore operates in a dynamic and uncertain market
legal and regulatory developments. pandemics and outbreaks of infectious disease; the In preparing this document, Glencore has made
outcome of litigation or enforcement or regulatory and external environment. Plans and strategies can and certain estimates and assumptions that may affect
These forward-looking statements may be identified proceedings; the effect of foreign currency exchange must adapt in response to dynamic market conditions, the information presented. Certain information is
by the use of forward-looking terminology, or the rates on market prices and operating costs; actions changing preference of our stakeholders, joint venture derived from management accounts, is unaudited
negative thereof including, without limitation, by governmental authorities, such as changes in decisions, changing weather and climate patterns, new and based on information Glencore has available to it
“outlook”, “guidance”, “trend”, “plans”, “expects”, taxation or regulation or changes in the opportunities that might arise or other changing at the time. Figures throughout this document are
“continues”, “assumes”, “is subject to”, “budget”, decarbonisation policies and plans of other countries; circumstances. Investors should assume that our subject to rounding adjustments. The information
“scheduled”, “estimates”, “aims”, “forecasts”, “risks”, changes in economic and financial market climate strategy will evolve and be updated as time presented is subject to change at any time without
“intends”, “positioned”, “predicts”, “projects”, conditions generally or in various counties or regions; passes. Additionally, a number of aspects of our strategy notice and we do not intend to update this
“anticipates”, “believes”, or variations of such words political or geopolitical uncertainty; and wars, involve developments or workstreams that are complex information except as required.
or comparable terminology and phrases or political or civil unrest, acts of terrorism, cyber- and may be delayed, more costly than anticipated or
statements that certain actions, events or results Subject to any terms implied by law which cannot be
attacks or sabotage. unsuccessful for many reasons, including, without
“may”, “could”, “should”, “shall”, “would”, “might” or excluded, Glencore accepts no responsibility for any
limitation, reasons that are outside of Glencore’s control.
“will” be taken, occur or be achieved. The information Readers, including, without limitation, investors and loss, damage, cost or expense (whether direct or
Our strategy will also necessarily be impacted by
in this document provides an insight into how we prospective investors, should review and consider indirect) incurred by any person as a result of any
changes in our business, such as the proposed
currently intend to direct the management of our these risks and uncertainties (as well as the other error, omission or misrepresentation in information
acquisition of EVR and potential demerger of the
businesses and assets and to deploy our capital to risks identified in this document) when considering in this document.
combined coal and carbon steel materials business.
help us implement our strategy. The matters the information contained in this document. Readers
should also note that the high degree of uncertainty There are inherent limitations to scenario analysis, and it Other information
disclosed in this document are a ‘point in time’ is difficult to predict which, if any, of the scenarios might
disclosure only. Forward-looking statements are not around the nature, timing and magnitude of The companies in which Glencore plc directly and
climate-related risks, and the uncertainty as to how eventuate. Scenario analysis relies on assumptions that indirectly has an interest are separate and distinct
based on historical facts, but rather on current may or may not be, or prove to be, correct and that may
predictions, expectations, beliefs, opinions, plans, the energy transition will evolve, makes it difficult to legal entities. In this document, “Glencore”, “Glencore
determine all potential risks and opportunities and or may not eventuate and scenarios may also be group” and “Group” are used for convenience only
objectives, goals, intentions and projections about impacted by additional factors to the assumptions
future events, results of operations, prospects, disclose these and any potential impacts with where references are made to Glencore plc and its
precision. Neither Glencore nor any of its affiliates, disclosed. Given these limitations we treat these subsidiaries in general. These collective expressions
financial conditions and discussions of strategy, and scenarios as one of several inputs that we consider in
reflect judgments, assumptions, estimates and other associates, employees, directors, officers or advisers, are used for ease of reference only and do not imply
provides any representation, warranty, assurance or our climate strategy. any other relationship between the companies.
information available as at the date of this document
guarantee as to the accuracy, completeness or Due to the inherent uncertainty and limitations in Likewise, the words “we”, “us” and “our” are also used
or the date of the corresponding planning or
correctness, likelihood of achievement or measuring greenhouse gas (GHG) emissions and to refer collectively to members of the Group or to
scenario analysis process.
reasonableness of any forward-looking information operational energy consumption under the calculation those who work for them. These expressions are also
By their nature, forward-looking statements involve contained in this document or that the events, methodologies used in the preparation of such data, all used where no useful purpose is served by
known and unknown risks, uncertainties and other results, performance, achievements or other CO2e emissions and operational energy consumption identifying the particular company or companies.
Contact information
Contact us
Glencore plc
Baarermattstrasse 3
6340 Baar
Switzerland
Tel: +41 41 709 2000

E-mail: info@glencore.com
glencore.com

GLENCORE 2024 2026 Climate Action Transition Plan

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GLENCORE 2024 2026 Climate Action Transition Plan

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2024-2026 Climate Action Transition Plan

Energising today, advancing 2024-2026 Climate Action

towards a low-carbon economy, underpinned by four strategic pillars:

we are focused on supporting the 2. Responsibly reducing our Scope 3

energy needs of today whilst 3. Advancing tomorrow through our

investing in our portfolio of

transition-enabling commodities. Our strategic pillars

15% 25% 50%

Explore our Annual and Sustainability

2024-2026 Climate Action Transition Plan 1

2024-2026 Climate Action Transition Plan 2

Chairman’s introduction and Chief Executive Officer’s introduction

We welcome dialogue with Our plan focuses on the

2024-2026 Climate Action Transition Plan 3

Acquisition of a 77% interest in Teck’s steelmaking coal business

2024-2026 Climate Action Transition Plan 4

Our purpose and business model

Our Purpose and business model

Our core industrial and marketing businesses are creating an enhanced

2024-2026 Climate Action Transition Plan 5

Our position on climate and energy transition

2024-2026 Climate Action Transition Plan 6

Our ambition and decarbonisation targets

Beyond supporting the energy Introducing our new interim target

3 emissions. emissions by the end of 2030, against a 300

restated 2019 baseline, supports our ongoing 471 415 1352

2026 target: industrial assets. In determining this additional 277

• The expected production profiles of our 0

2024-2026 Climate Action Transition Plan 7

Our ambition and decarbonisation targets continued

Our ambition and decarbonisation targets continued

1. IEA (2023), Number of contractors

2024-2026 Climate Action Transition Plan 9

Our strategic pillars

Managing our operational

2024-2026 Climate Action Transition Plan 10

Managing our operational footprint

2024-2026 Climate Action Transition Plan 11

Managing our operational footprint continued

Our abatement priorities for our Scope 1 emissions

2024-2026 Climate Action Transition Plan 12

Managing our operational footprint continued

2024-2026 Climate Action Transition Plan 13

Responsibly reducing our Scope 3 emissions

interest), Ulan and Hail Creek (primarily

2024-2026 Climate Action Transition Plan 14

to the low-carbon transition

The growth in renewable energy and low-carbon

Today, we are already a major supplier of metals,

Electronics and Beyond our current supply, we are committed to

We recognise that growth in many parts of our

2024-2026 Climate Action Transition Plan 15

Advancing tomorrow continued

Sourcing carbon footprint data on our

carbon impact requires a methodology with

2024-2026 Climate Action Transition Plan 16

Driving new business models

2024-2026 Climate Action Transition Plan 17

2024-2026 Climate Action Transition Plan 18

Overview of our governance framework for climate-related risks Board

Commodity department responsibilities Reporting

Chief Executive and management team

2024-2026 Climate Action Transition Plan 19

Chief Executive and management team