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Resources giant will only mine coal in Australia by 2050

Glencore coal
Coal

A multinational mining company will exclusively produce coal in Australia and shut down the rest of its coal mines around the world.

Glencore has confirmed Australia will be the only country where it mines coal in about 29 years from now.

“By 2050 our only remaining coal mines, if any, will likely be in Australia,” it said in its latest annual report.

Coal production cut 40 per cent

The revelation came as the company revealed plans to reduce coal production and go carbon neutral by the year 2050.

“We expect our coal portfolio to produce no more than 85 million tonnes by 2035, down 40 per cent from 2019 levels,” it said.

“Any post-2050 production, including for metallurgical purposes, [are] assumed to be neutralised directly through carbon capture, utilisation and storage, or indirectly through offsets.”

Pandemic blamed

Glencore previously slashed scope-three carbon dioxide emissions (CO2e) by 21 per cent to 271 million tonnes (mt) during 2020. This was mainly due to falling industrial energy demand throughout the worldwide coronavirus recession.

“Our customers’ usage of the fossil fuels we produced totalled 253mt CO2e [compared to] 2019[‘s] 326 mt CO2e,” the company said.

“Emissions resulting from customers’ use of the oil products refined at the Astron refinery are excluded from our scope-three emissions total as we neither originate nor consume the products.”

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