A toxic legacy: Glencore’s footprint in Colombia and Peru European banks and investors must take responsibility
Glencore’s business model continues to have severe consequences for local communities and the environment. Several scandals have provided evidence of Glencore’s involvement in human rights violations, corruption, tax avoidance and environmental destruction. Glencore’s mines have had devastating impacts on their surrounding environments, with grave consequences for the communities living beside them.
This report elaborates on two such examples of Glencore-owned mines: the Cerrejón coal mine in northern Colombia, and the Antapaccay copper mine in Espinar in Peru and argues that external pressure from investors, banks, policymakers and regulators is therefore key to forcing Glencore to change.
The paper calls on the EU to properly integrate the human rights responsibilities of the financial sector into its Corporate Sustainability Due Diligence Directive (CSDDD).
The report can be accessed on English and Spanish here.