Glencore is no friend of the environment. But the company’s big institutional investors have seen the writing on the wall and knows there is no future in coal if we are to stop climate damage.
In response to Glencore’s announcement it will cap its global thermal coal output, the Australian Conservation Foundation’s Climate Change and Energy Program Manager, Gavan McFadzean, said:
“The fact Glencore has been dragged by its investors to some kind of cap on its polluting thermal coal output should be a warning sign to all the coal boosters in the Australian public debate.
“Glencore is no friend of the environment. But the company’s big institutional investors have seen the writing on the wall and knows there is no future in coal if we want to avoid overheating our planet and inflicting more severe heatwaves, bushfires and other extreme weather events.
“As a result of this decision Glencore should make an unequivocal announcement that controversial greenfield coal mine proposals in Australia that local communities have been opposing for years, such as Wandoan on prime farming country in Darling Downs, will not proceed.
“Meanwhile, the Morrison Government continues to approve and promote new coal mines – including the Adani project - and is even talking about underwriting new coal-fired power stations with public money.
“Thermal coal’s use-by date is well past. It’s time the Morrison Government woke up to global realities and transitioned Australia away from the fuel that is the leading cause of climate damage.”