Glencore

Glencore is a major global natural resources company with operations in over 35 countries. It has industrial assets that produce a range of commodities including copper, cobalt, zinc, nickel, coal, and oil. Glencore also has an extensive commodity marketing business that moves resources from areas of abundance to areas of shortage. The company employs around 140,000 people.

Glencore produces key metals like copper, cobalt, and nickel that are essential for the transition to a lower carbon economy and the increasing use of renewable energy. Glencore sees strong future demand growth for these metals but notes that new mine supply is challenged to meet this demand due to underinvestment. The company has set emissions reductions targets including a 50% reduction in total emissions by 2035 against a 2019 baseline. 

In 2022, Glencore benefited from record high prices for coal and oil which drove record financial results, with adjusted EBITDA reaching $34.1 billion. Looking ahead, Glencore expects healthy ongoing demand for its commodities, aided by China's reopening, global energy security concerns, and decarbonization trends. Glencore's diversified business model across industrial production and commodity marketing leaves it well positioned to responsibly supply the resources needed for the transition to a greener economy.