Ivan Glasenberg, Glencore’s CEO, has the sentimental softness of a pick axe. So the resources group’s announcement last week that it would cap coal production to support the fight against climate change shows how the sustainable business push has won round some of the world’s flintiest bosses. We should not overdo Glencore’s move. It will remain one of the world’s leading coal producers, and capping production at 2019's level will limit supply and help boost coal’s price, which will support Glencore’s profits. It was also only last year that the company bought a 49% stake in a large Australian mine producing thermal coal, which is burnt in power stations. But Glencore’s language last week was striking. “We recognise climate change science as set out by the UN Intergovernmental Panel on Climate Change,” its statement said. It supported the temperature-limiting goals of the Paris climate agreement. But, above all, there was a recognition of how many investors now cared about these iss...

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