ZURICH, Switzerland — Mining giant Glencore said on Tuesday it would target cutting carbon emissions by around a third by 2035 as it sank into the red for the first time in five years.

The world's largest shipper of thermal coal posted a net loss of $404 million for 2019 as it saw prices for its key commodities squeezed. The firm reported a profit of $3.41 billion the previous year.

CEO Ivan Glasenberg said Glencore had been facing "a challenging operating environment".

Glencore is among a host of miners and oil firms under pressure to clean up their environmental act as concerns over the threats of climate change grow and is mapping out a path to ramp down use of the dirtiest fuel.

He said the firm was "pleased to report progress against our commitments to the transition to a low-carbon economy" aided by "natural depletion of our coal and oil resource base over time".

Glasenberg said the firm was also monitoring the effects of the coronavirus on global demand.

He added the overall results, which saw core earnings decline 26 percent to $11.6 billion, ahead of analysts' forecasts of $11.25 billion, "reflected the prolonged and uncertain trade deal negotiations, generally weaker prices for our key commodities and some operational challenges experienced at our ramp-up/development assets."

The London-listed group's annual results were hit by a $2.8 billion impairment charge for its Colombian coal, Chad oil and African copper portfolios. — AFP