- Mining giants Rio Tinto (RIO) pledges to half its carbon footprint by 2030, more than tripling its previous target
- With governments setting more ambitious targets and speeding up efforts to mitigate the effects of climate change, Rio Tinto said it will take action
- A 15 per cent reduction in emissions is now targeted for 2025, five years earlier than previous
- To achieve this target, Rio Tinto will accelerate its development of technologies to allow its customers to decarbonise
- On market close for the day, Rio Tinto is down 0.07 per cent and is trading at $98.08 per share
Global mining giant Rio Tinto (RIO) has pledged to half its carbon footprint by 2030.
The world’s second-largest metals and mining corporation said governments are setting more ambitious targets and speeding up efforts to mitigate the effects of climate change.
Society around the world have been demanding companies to take more action to decarbonise. To meet this challenge and to stay relevant, Rio Tinto said it will take action.
The company has agreed to reduce its scope one and two carbon emissions by 50 per cent by 2030, more than tripling its previous target.
A 15 per cent reduction in emissions is now targeted for 2025, five years earlier than previously. These targets are supported by around $7.5 billion of direct investments to lower emissions between 2022 and 2030.
To achieve this target, Rio Tinto will accelerate its development of technologies to allow its customers to decarbonise.
Working in partnership with governments, suppliers, customers, academia and others, Rio Tinto will continue to develop technologies like ELYSIS for carbon-free aluminium and multiple pathways for the production of “green” steel.
Commenting on the update is Chief Executive Jakob Stausholm.
“Rio Tinto is taking action to strengthen our business and improve our performance by unleashing the full potential of our people and assets, working in partnership
with a broad range of stakeholders,” Mr Stausholm said.
“All our commodities are vital for the energy transition and continue to benefit from ongoing urbanisation. We have a clear pathway to decarbonise our business and are actively developing technologies that will enable our customers and our customers’ customers to decarbonise.”
“We are able to do this, while continuing to provide attractive returns to our shareholders in line with our policy, because we have a strong balance sheet and world-class assets that deliver strong free cash flows through the cycle,” he concluded.
On market close for the day, Rio Tinto was down 0.07 per cent and is trading at $98.08 per share.