Glencore vows to cap global coal production 


And Jen I love the first line of David Fickling piece this morning on Glencore at to Glencore. He's focused on a potential dark cloud for the coal market from the world's biggest commodity trader. Yeah. I mean, it was really only a few months ago that it was promoting coal as a viable part of global emissions reducing plans. I mean, whatever you think about that strategy at any rate, it's not change in. So now it's promising to cap production for the foreseeable future at around current levels, which is one hundred and forty five metric tons a year. I mean, the move is pretty striking because it makes up the biggest slice of Glen courts profits in two thousand eighteen and. The company is actually one of the few diversified Niners. That is proudly committed to coal. Yeah. So what's behind this sudden shift? Well, one factor. Must surely is that major investors are really putting more and more pressure on companies to back away from the dirtiest emissions. So I mean, just to give you some numbers here institutions with six point two trillion dollars in assets have already committed to diversify away from fossil fuels and this is figuring into the chair. So does this mean that Glencore is getting out of coal completely not at all? I mean, thanks to its investment in Rio. Tinto's minds north of Sydney in two thousand seventeen it's still likely to be turning coal out. For decades, the plan put cap could be maintained well into the twenty thirties merely just by building out. Its current undeveloped projects still Fickling says is that the announcement gives us another clue as to how cold could conceivably decline in the coming years. It's going to come to a sudden end where prices have traded set forth permanently below marginal cost. But instead what we're more likely to see his death by. Thousand cuts. Yeah. I guess we can get into the question of whether Cole is a viable part of global emissions reduction plans to leave that for

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