FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo LONDON (Reuters) – Glencore (GLEN.L) said on Tuesday it expected carbon emissions from the use of its products to fall by around 30% by 2035, largely due to falling coal output, becoming the first of the major mining companies to make such a projection. Mining and oil companies are under pressure from investors, activists and bankers to cut their emissions of climate warming gases by reducing production of fossil fuels. Emissions are divided into categories: Scope 1 covers an organisation’s direct emissions; Scope 2 covers indirect emissions from the power it buys to run operations; and Scope 3 relates to emissions generated when its products are used. Glencore, which operates mines and trades commodities, said Scope 3 emissions would fall through the “natural depletion” of its oil and coal resources but that it was not yet ready to set targets for their active reduction. “We expect the depletion of our coal resource base in Colombia, and to a lesser extent South Africa and Australia to contribute,” the miner said in a statement. A year ago,… Read full this story
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