LGIM’s ESG Funds to Sell Glencore Stake on Coal Concerns (1)

Legal & General Investment Management said its ESG funds will divest from Glencore Plc, the world’s biggest coal shipper, on concerns about its production of the most polluting fuel.

While most of its rivals have either ditched — or plan to exit — thermal coal, Glencore has instead said it plans to run its mines to closure by 2050. The commodities giant says the world still needs the dirtiest fossil fuel and that it’s the best owner of the mines.

Still, some investors such as LGIM have demanded more details about the pace of that run down. They have ...