Rio Tinto today announced plans to invest around $1 billion over
the next five years to support the delivery of its new climate
change targets and a company objective for net zero emissions from
operations by 2050.
The new targets for 2030 are:
- A further 30 per cent reduction in Rio Tinto’s emissions
intensity from 2018 levels
- A further 15 per cent reduction in Rio Tinto’s absolute
emissions from 2018 levels
Under these targets, Rio Tinto’s overall growth between now and
2030 will be carbon neutral.
Rio Tinto chief executive J-S Jacques said “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.
“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.
“For Rio Tinto, it is about setting a long-term ambition and
establishing stretching, but achievable targets, like we have done
for 2030 and 2050. We are fully committed to meeting that challenge
and being part of the solution”.
Rio Tinto’s second climate report, published today and once
again guided by the recommendations of the Task Force on
Climate-related Financial Disclosures, sets out how Rio Tinto plans
to achieve its ambition of net-zero emissions by 2050 through
action in four areas.
1. Produce materials essential for a low-carbon
future.
The production of aluminium, copper and high-grade iron ore will
play a part in the transition to a low carbon economy.
2. Reduce the carbon footprint of operations.
Rio Tinto is taking steps to enhance productivity and
efficiency, as well as exploring alternative sources of energy and
developing pathways to reduce emissions. In February, 2020, Rio
Tinto announced a $100 million investment in a new solar plant at
the Koodaideri mine in the Pilbara, Australia, as well as a
lithium-ion battery energy storage system to help power its entire
Pilbara power network.
3. Partner to reduce the carbon footprint across the value
chain.
Climate change will only be solved through collective action by
government, business and consumers across the globe. Rio Tinto is
working on innovative partnerships to stimulate action with
customers and other parties across the value chain. In September,
2019, Rio Tinto launched a pioneering initiative in the steel
industry, partnering with China Baowu Steel Group and Tsinghua
University to develop solutions to help address the steel
industry’s carbon footprint and improve environmental performance.
In 2018, Rio Tinto announced a new technology partnership with
Alcoa, with support from Apple and the governments of Canada and
Quebec, to further develop ELYSIS carbon-free aluminium smelting
technology.
4. Enhance resilience to physical climate risks.
Rio Tinto considers climate-related risks over the life of its
operations from design to closure and beyond. The impact of extreme
weather events is already being seen at many sites and work is
underway to assess the probability and potential impact of these
risks in the future. Seventy-six per cent of electricity
consumption at managed operations is from renewable energy and most
of the operations have significantly lower carbon intensities than
sector averages.
Rio Tinto’s new 2030 climate targets are linked to executive
remuneration. The chief executive’s Short Term Incentive Plan
includes delivery of the Group’s strategy on climate consistent
with the new targets. These are cascaded down to relevant members
of the Executive Committee and other members of senior
management.
The full report provides an overview of Rio Tinto’s approach to
climate change and a detailed analysis of marginal abatement cost
curves and crabon intensity curves by key commodity and is
available at
https://www.riotinto.com/sustainability/climate-change
Notes to editors:
Rio Tinto introduced its first climate change target in 2008 and
beat its most recent target. Between 2008 and the end of 2019,
absolute emissions from managed operations fell 46 per cent (18 per
cent when excluding divestments) and emissions intensity fell 29
per cent. The company’s previous target was for a 24 per cent
reduction in intensity from 2008 levels by 2020.
Currently, 76 per cent of Rio Tinto’s electricity consumption at
managed operations is from renewable energy, compared with 26 per
cent of global electricity production. Most of Rio Tinto’s
operations now have significantly lower carbon intensities than
sector averages.
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