Rio Tinto is to join the First Movers Coalition to help drive the low-carbon transition, create early markets for innovative clean energy technologies and lower the emissions of its mined products, the metals and mining corporation said Sept. 20.
The First Movers Coalition is a global initiative led by the World Economic Forum and the US government, aimed at helping to commercialize zero-carbon technologies by harnessing purchasing power and supply chains.
The main targets are sectors responsible for 30% of global emissions including aluminum and steel, as well as aviation, chemicals, concrete, shipping and trucking.
Rio Tinto is a major iron ore supplier to the global steel industry, shipping 321.6 million mt of iron ore in 2021, down 3% year on year, while its aluminum production also fell 1% on the year to 3.15 million mt.
Platts assessed the 62% Fe Iron Ore Index at $96.65/dry mt CFR North China Sept. 20, down 19% since the start of 2022, according to S&P Global Commodity Insights data.
Rio Tinto aims to reach net zero by 2050 and has set a target of a 50% reduction in Scope 1 and 2 emissions by 2030, backed with an estimated investment of $7.5 billion in capital.
It’s Scope 1 emissions totaled 22.7 million mt of CO2 equivalent in 2021, while Scope 2 emissions totaled 8.4 million CO2e, down from 22.8 million mt and 8.7 million mt in 2020, respectively.
The company has committed to purchase more zero emissions fuel for its shipping fleet and make greater use of suppliers who use zero emission fuels in shipping and aviation. It has also pledged that it will ensure a greater proportion of heavy haul trucks it acquires will be zero
emissions.
“We want to bring Rio Tinto’s considerable buying power to help build sustainable supply chains for emerging green technologies,” Rio Tinto Chief Commercial Officer Alf Barrios said.
To support the development, Rio Tinto will also build on its existing network of partnerships, he said. To date, more than 50 companies with a collective market value of $8.5 trillion have joined the First Movers Coalition.
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