Rio Tinto and Chinese partners aim to reduce emissions in steelmaking
Global iron-ore major Rio Tinto has signed a memorandum of understanding (MoU) with steel producer China Baowu Steel Group and Tsinghua University to develop methods to reduce carbon emissions and to improve the environmental performance across the steel value chain.
The MoU will enable the formation of a joint working group tasked with identifying a pathway to support the goal of reducing carbon emissions across the entire steel value chain, which accounts for between 7% and 9% of the world's carbon emissions.
Last year, Rio Tinto and Alcan formed a joint venture, backed by Apple, aimed at eliminating greenhouse gas emissions from the traditional smelting process for aluminium.
"The materials we produce have an important role to play in the transition to a low carbon future and we are committed to partnering with our customers and others to find the most sustainable ways to produce, process and market them. We are already doing this in aluminium and now, through this partnership, we will be doing it in the steel industry,” said Rio Tinto CEO Jean-Sebastian Jacques said.
Rio Tinto, which has committed to substantial long-term decarbonisation by 2050, said the steel working group would establish a joint action plan on how to best use the parties’ complementary strengths in research and development, technologies, processes, equipment, logistics, industry coordination and policy advisory capacities to combat climate change and improve environmental performance.
Globally, mining groups are highlighting their climate credentials amid pressure from investors.
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