The Australasian Centre for Corporate Responsibility (ACCR) has called on shareholders to oppose Glencore’s upcoming “say on climate” proposal and the re-election of environmental committee member Peter Coates, over claims the company’s decarbonization strategy is in “clear conflict” with Paris Agreement goals.

ACCR argued that the Swiss mining company’s climate transition plan is insufficient, with the company’s “significant coal expansion” being “likely” to increase Glencore’s total emissions by 17% throughout the course of 2022.

Concerns have also been raised regarding Glencore “underreporting” its methane emissions from coal mining in Australia and Scope 3 emissions from its investments, ACCR said.

“Investors must vote against Glencore’s second ‘say on climate’ vote to ensure they are not tacitly supporting new and expanded coal mines inconsistent with the Paris Agreement,” said Dan Gocher, director of climate & environment at ACCR, in a press release. “Its coal expansion plans are at odds with its commitment to a ‘responsible managed decline’ of its coal portfolio and in clear conflict with its commitment to the Paris Agreement.”

Shareholder activist Bluebell Capital also revealed on March 31 its intention to vote against Glencore’s climate transition plan and Coates’ re-election. The activist has urged the company to demerge its coal business and sell non-core assets, saying these measures will unlock value and keep big investors on board.

Glencore’s climate transition plan won 94.4% support at the company’s 2021 annual meeting, according to Insightia Voting data. Both Glass Lewis and Institutional Shareholder Services (ISS) recommended shareholders vote against the plan.

Glencore’s “say on climate” plan will be subject to a vote at the company’s April 28 annual meeting.