Steel News

Rio Tinto Investing US$1 Billion to Meet Climate Change Targets

2/27/2020 - UK-based metals miner Rio Tinto has rolled out new emissions reductions goals – and a plan to invest approximately US$1 billion over the next five years to meet them. 

In an announcement Wednesday, the company said it is targeting a further 30% reduction in emissions intensity from 2018 levels and a further 15% reduction in absolute emissions from 2018 levels. Under these targets, the company’s overall growth between now and 2030 will be carbon neutral, it said. 

The announcement came as part of Rio Tinto’s second climate report, which sets out how the company  plans to achieve net-zero emissions by 2050. Its strategy consists of four main points: supporting production of materials essential for a low-carbon future, reducing the carbon footprint from its operations, making strategic partnerships to reduce its carbon footprint across the value chain and enhancing its resilience to physical climate risks.

“Climate change is a global challenge and will require action across nations, across industries and by society at large. New technologies, partnerships and effective government policies will be key in achieving this goal but today there is no clear pathway for the world to get to net-zero emissions by 2050,” said Rio Tinto’s chief executive, J-S Jacques.

“The ambition is clear but the pathway is not, and the challenge for the world, and for the resources industry, is to continue the focus on poverty reduction and wealth creation, while delivering climate action. This will require complex trade-offs which means we all need to face up to some challenging decisions and have an honest conversation,” he added.