The second largest mining operator in the world has released its annual results – and stated that it will spend $1bn over the next five years as it attempts to reach net-zero emissions by 2050.

In its presentation the Anglo-Australian company set targets to achieve a 30 per cent reduction in emissions intensity by 2030 from 2018 levels, a 15 per cent reduction in absolute emissions by 2030 from 2018 levels, and a promise that overall growth between now and 2030 will be carbon neutral.

The decision follows investor pressure from investors, and places it in a different arena to Australian rival BHP, the third largest mining concern, that has gained Australian government approval to increase carbon emissions. For Rio Tinto, which does not actually mine coal or oil, such a promise it still far from easy, as its manufacturing processes are still carbon intense. However, unlike BHP and Shell, Rio Tinto is not willing to cover Scope 3 emissions that are produced by its customers.

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