In 2021 the world, which was meant to “consign coal power to history”, probably consumed more coal-fired electricity than ever before. Glencore is one of the unloved mineral’s most resolute champions
26 climate summit, probably consumed more coal-fired electricity than ever before, the International Energy Agency, the world’s pre-eminent energy forecaster, said in December. The strength of demand drove coal prices to record levels in October 2021. The buoyancy is expected to continue into 2022, not least because coal is a substitute for natural gas, whose price around the globe has continued to surge in the run-up to the new year.
That makes a campaign by a tiny activist fund, Bluebell Capital, which is trying to force Glencore to shed its coal assets, an intriguing opportunity to examine shareholder attitudes towards coal. Only a few years ago investors, especially those with environmental, social and governance mandates, were virtually united in the opinion that big miners should withdraw from the dirtiest fossil fuel. Now they take a different view. This may be a matter of principle.
Then the unexpected happened. Thungela’s shares, after a rocky start, quadrupled in value in a matter of months. Glencore, shortly after 94% of shareholders had approved its coal-reduction plans, bought out its joint-venture partners Anglo andin a Colombian coal mine that will bolster its overall output from about 104m tonnes in 2021 to 122m tonnes within two years.has reportedly put its retreat from thermal coal under review because of rising prices and changing investor attitudes.
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