Anglo-Australian mining group Rio Tinto has decided to join the First Movers Coalition, a global initiative to help commercialise zero-carbon technologies by harnessing purchasing power and supply chains.
Rio Tinto is making commitments to purchase more zero-emission fuel for its own shipping fleet and make greater use of suppliers who use zero-emission fuels in shipping and aviation.
Specifically, the group expects at least 5% of its deep-sea shipping to be powered by zero-emission fuels by 2030, enabled by ships capable of using zero-emission fuels. What is more, at least 10% of the volume of Rio Tinto goods shipped internationally will be on ships using zero-emission fuels by 2030; on the way to 100% by 2040.
The group has also pledged that it will ensure a greater proportion of heavy haul trucks it acquires will be zero emissions. The company is working to reach net zero by 2050. It has set a target of a 50% reduction in Scope 1 and 2 emissions by 2030, backed with an estimated investment of approximately $7.5 billion in capital.
More than 50 companies with a collective market value of about $8.5 trillion across five continents now make up the coalition to create early markets for innovative clean energy technologies .
The initiative is led by the World Economic Forum and the US Government and targets sectors including shipping, aluminium, aviation, chemicals, concrete, steel, and trucking, which are responsible for 30 per cent of global emissions.
This is expected to rise to over 50 per cent by mid-century, unless there is urgent progress on clean technology innovation.
“We want to bring Rio Tinto’s considerable buying power to help build sustainable supply chains for emerging green technologies. The low-carbon transition is at the heart of our business strategy and success will require large scale of change throughout the value chain, which our pledges to the First Movers Coalition are aimed at supporting,” Alf Barrios , Rio Tinto Chief Commercial Officer, said.
“As a member of the First Movers Coalition, we also look forward to building on our existing network of partnerships to support the development of new technologies to help power our way to a net-zero future.”
“Rio Tinto’s commitment to a sustainable future makes the company an impactful addition to the First Movers Coalition. We look forward to collaborating with Rio Tinto to encourage clean energy innovation and transition the mining industry toward a zero-carbon future,” Nancy Gillis , Head of the First Movers Coalition at the World Economic Forum, commented.
Earlier this year, Rio Tinto also joined the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, committing to a long-term strategic collaboration and contribution to the development of zero-carbon technologies and solutions for the maritime industry.