Glencore has struck a deal to put more Australian minerals into electric versions of famous American cars such as Cadillacs and Hummers, but environmental campaigners warned the company’s coal division was undermining its work in battery minerals.
Close to 70 per cent of the world’s cobalt comes from the Democratic Republic of Congo and the metal’s important role in boosting the energy storage capacity of modern batteries means automakers are rushing to source supplies from nations with strong sustainability standards. “Glencore will continue to play an important role in providing the green metals needed for the electric vehicle revolution and energy transition in the years ahead,” he said in a statement.
The Australasian Centre for Corporate Responsibility said the application for the right to build new mines was at odds with chief executive Gary Nagle’s pledge to run down the company’s coal reserves.to outweigh the climate benefits of its future-facing commodities, casting doubt on its contribution to the energy transition and decarbonisation goals,” said the ACCR in a note to clients.