Glencore, once a big coal backer, capping output [MarketWatch]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: MarketWatch
Glencore, once a big coal backer, capping output LONDON -- Glencore PLC said Wednesday it plans to cap its coal output in line with a global transition away from high-carbon-emitting fuels, a sharp shift for a company that for years has been bullish about the commodity. The Anglo-Swiss commodity trader said it plans to limit its total coal production capacity to its current output of 150 million metric tons a year. Thermal coal fires many of the world's power plants, but is widely seen by climate scientists as a major contributor to global warming. Many rich, developed countries that can afford it have tilted toward plants powered by cleaner-burning natural gas. Chief Executive Ivan Glasenberg has in the past bet big on the prospect of thermal coal's continued global demand, despite falling prices and tightening regulations around the world. Glencore said it would prioritize capital investment in assets that are resilient to regulatory, physical and operational risks related to climat
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