Rio staying focused on net zero targets
PERTH (miningweekly.com) – Diversified miner Rio Tinto told shareholders at the company’s annual general meeting last week that its decarbonisation efforts were slow-going.
“Our decarbonisation, it is early days and we have not advanced our abatement projects as fast as we would like. But despite that, our Scope 1 and 2 emissions were 7% below our 2018 baseline,” CEO Jakob Stausholm told shareholders in London.
“It is important to note that this is a multi-decade journey and today we have a more robust roadmap to our 2030 and 2050 targets. We are ramping up our technical skills, building competencies and capabilities, and forming partnerships across our value chain to find solutions to some of the bigger challenges we are facing,” Stausholm stated.
He pointed out that Rio had set up six large abatement programmes focused on the decarbonisation challenge, which cut across its product groups. Furthermore, the company had also established an additional programme to increase its investment in nature-based solutions projects and expected these to make a contribution to its emissions targets.
“Some of the technology we need to reach net zero by 2050 quite simply does not exist today,” Stausholm added.
“We have established the Office of the Chief Scientist that is focused on helping us to build on the knowledge and expertise we already have in this space, and we have increased our yearly research and development target spend to A$400-million.
“We know we can’t solve these challenges alone, so partnering with other organisations to find solutions is central to our approach,” Stausholm said.
Rio has set a target of halving its Scope 1 and 2 emissions by 2030, and reaching net zero by 2050.
The miner in 2022 said it would invest $7.5-billion on its abatement programmes between 2022 and 2030. Investments are being prioritised and phased in the most logical way, with consideration for near-term work around energy inputs and attractive economics.
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