It has invested in Glencore since 2011 and currently holds a £10 million ($18.4 million) stake in the company. The fund fronted the drive for change at Glencore because it had been working with the company since 2013 on the issue as part of a separate European initiative.
Glencore's decision this week to limit global production to about 145 million tonnes a year after "discussions with investors on climate change" has been hailed by activists but criticised in other quarters. One Coalition minister accused "latte sipping Greens" of forcing the miner's hand, while Resources Minister Matt Canavan described it as "basic self-interest" and rival miners suggested it was a "brilliant public relations exercise" driven by economics rather than concern for the environment.
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