We have received the following response:

Thank you for your email outlining your concerns around the burning of thermal coal. Firstly, we want to make clear that we see climate change as a significant financial risk – one that’s increasingly reshaping the way we look at our investments and their long-term returns. That is why climate is one of the four focus areas of our responsible investment strategy and why we’ve set an ambition for our investments to be net zero by 2050.

We have recently revised our exclusion criteria, which now excludes “Entities that derive 15% or more of revenue from the mining of thermal coal”. All our investments are in line with this threshold and none of the companies in question are in breach of this criterion. We keep our exclusion criteria and subsequent investments under regular review.

On your questions about Glencore specifically, I’m afraid that, in line with our transparency policy, I’m unable to comment on individual assets.

I wanted to take this opportunity to point you to our recent paper in collaboration with Transition Risk Exeter (Trex), where we make the case for stronger action from governments on the energy transition, improved management of climate risks and opportunities from asset owners, and a more collaborative approach to managing these challenges. You’ll find a link to the paper to read in full at the bottom of the above article.