Rio Tinto earmarks $7.5 billion to lower emissions by 2030
(Kitco News) - Today, Rio Tinto unveiled a new target to reduce its Scope 1 & 2 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, the company pointed out.
These targets are supported by around $7.5 billion of direct investments to lower emissions between 2022 and 2030, Rio Tinto noted.
Rio Tinto added it will accelerate its investment in R&D and development of technologies that enable its customers to decarbonize.
“Rio Tinto can decarbonize, pursue growth and continue to deliver attractive returns to shareholders due to its strong balance sheet, world-class assets and focus on capital discipline,” the company said in its statement.
To meet additional demand created by the global drive to net zero emissions, Rio Tinto said it will prioritize growth capital in commodities vital for this transition with an ambition to double growth capex to about $3 billion a year from 2023.