Rio Tinto to invest $1 billion to help meet new climate change targets
Steel Insights|March 2020
Sees greater scrap use in low-emission steel making
Rio Tinto to invest $1 billion to help meet new climate change targets

Rio Tinto has decided to invest around $1 billion over the next five years to support the delivery of its new climate change targets and a company objective for net zero emissions from operations by 2050.

The mine also sees increased material reuse and recycling in a low-carbon economy leading to more use of steel scraps and lesser use of iron ore.

“We also expect to see structural changes across our value chains as consumers demand greener products. The potential downsides to iron ore revenues from a greater use of scrap across the steel value chain are expected to be offset by upsides for aluminium and copper – which are both essential for the electrification of the global energy system and the deployment of low-carbon power solutions such as solar and wind,” Rio Tinto said in its second climate report, published recently.

Targets for 2030

30 percent reduction in emissions intensity from 2018 levels

15 percent reduction in absolute emissions from 2018 levels

Under these targets, Rio Tinto’s overall growth between now and 2030 will be carbon neutral.

Rio Tinto chief executive J-S Jacques said “Climate change is a global challenge and will require action across nations, across industries and by society at large. New technologies, partnerships and effective government policies will be key in achieving this goal but today there is no clear pathway for the world to get to net zero emissions by 2050.

“The ambition is clear but the pathway is not and the challenge for the world, and for the resources industry, is to continue the focus on poverty reduction and wealth creation, while delivering climate action. This will require complex trade-offs which means we all need to face up to some challenging decisions and have an honest conversation.

هذه القصة مأخوذة من طبعة March 2020 من Steel Insights.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة March 2020 من Steel Insights.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من STEEL INSIGHTS مشاهدة الكل
Steel's Net Zero mission
Steel Insights

Steel's Net Zero mission

The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.

time-read
10+ mins  |
November 2021
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Steel Insights

Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales

Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.

time-read
5 mins  |
November 2021
Seaborne coking coal offers remain range-bound
Steel Insights

Seaborne coking coal offers remain range-bound

Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.

time-read
3 mins  |
November 2021
Global crude steel output down 8% in September
Steel Insights

Global crude steel output down 8% in September

China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.

time-read
1 min  |
November 2021
MOIL embarks on expansion projects
Steel Insights

MOIL embarks on expansion projects

“Even though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.” Ram Chandra Prasad Singh, Steel Minister

time-read
5 mins  |
November 2021
Iron ore handled by major ports down 17% in H1
Steel Insights

Iron ore handled by major ports down 17% in H1

The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.

time-read
1 min  |
November 2021
Shrinking China output to boost India exports
Steel Insights

Shrinking China output to boost India exports

“In the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.” Baoshan Iron and Steel Co Ltd

time-read
4 mins  |
November 2021
Indian Railways' iron-ore handling up 25% in H1
Steel Insights

Indian Railways' iron-ore handling up 25% in H1

Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.

time-read
1 min  |
November 2021
September crude steel production up 7.2% y-o-y
Steel Insights

September crude steel production up 7.2% y-o-y

India’s crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.

time-read
2 mins  |
November 2021
“Five enablers: way forward to sustainable cleaner steel”
Steel Insights

“Five enablers: way forward to sustainable cleaner steel”

Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.

time-read
10+ mins  |
November 2021