Glencore sends record coal profits overseas while Australia suffers climate impacts
Australia’s biggest coal miner will pay out a staggering $7.1 billion to international shareholders while the Australian community suffers from climate impacts at home.
Glencore - one of the biggest climate polluters in the country - has released its quarterly report showing the multinational will send record profits overseas as Australia faces climate-fuelled bushfires and an impending heatwave.
Glencore operates 17 coal mines across the country, but paid $0 in income tax in the 2021-22 financial year. It is Queensland’s sixth-biggest climate polluter under the proposed Federal Government’s Safeguard Mechanism, emitting 22 million tonnes of CO2 since 2016.
Queensland Conservation Council climate organiser Jen Basham said:
“Glencore is enjoying record profits off the back of Australian coal, but is not paying a cent back to the country in income tax.
“This is a slap in the face to everyday Australians, who are seeing profits from Australian coal sent overseas while the country is suffering from climate-fuelled bushfires.
“The Australian community remains exposed and under-resourced to deal with increasing climate impacts.
“Coal companies like Glencore need to step up by reducing their emissions and paying their fair share in income tax to help communities deal with the climate crisis.
“Glencore needs to explain to Australians why they continue to shirk their responsibility to climate-vulnerable communities while sending record profits from Australian coal overseas.
“Right now there are concerns big fossil fuel companies like Glencore are lobbying to water down the Federal Government’s proposed new laws that would compel them to cut their carbon emissions.
“With record profits being shipped overseas, the Albanese Government needs to step up and ensure that money is being spent here in Australia to transitioning their climate-wrecking business models and reduce the carbon pollution that is putting all Australians at risk.”
Anthony Gough - 0432 973 443.