Glencore chief executive Gary Nagle says the Albanese government’s new carbon policy is progressive by global standards and could do Australia more harm than good.

Speaking after Australian commodities provided more than 70 per cent of Glencore’s $US4.56 billion ($7 billion) half-year profit, Mr Nagle said he was closely watching the updated “safeguards mechanism” carbon policy, which took effect on July 1.