Rio Tinto to spend $1B to achieve net-zero emissions target

Rio Tinto (RIO -0.6%) says it plans to spend $1B over the next five years in order to reach its goal of net-zero emissions from its operations by 2050.

The miner is also targeting a 15% reduction of its overall emissions from 2018 levels by 2030.

To achieve the targets, Rio says it will continue producing materials that can help to reduce overall greenhouse gas emissions – including those that go into batteries – enhance the productivity and efficiency of its operations, and explore alternative sources of energy.

Rio has not set a target for its Scope 3 emissions – which are emissions from others’ use of its products – but says it will work with third parties to reduce its carbon footprint across its value chain.

CEO Jean-Sebastien Jacques says consumers, governments and shareholders must be willing to make sacrifices in the form of lower consumption, growth and returns if global climate targets are to be met.


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