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.
Diese Geschichte stammt aus der March 2020-Ausgabe von Steel Insights.
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Diese Geschichte stammt aus der March 2020-Ausgabe von Steel Insights.
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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.
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.
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.
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.
MOIL embarks on expansion projects
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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.
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
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.
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.
“Five enablers: way forward to sustainable cleaner steel”
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