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NEW YORK–(BUSINESS WIRE)–Rio Tinto announced today that it will join the First Movers Coalition, a global initiative to support the commercialization of zero-carbon technologies through leveraging purchasing power and supply chains.
More than 50 companies with a combined market value of approximately $8.5 trillion across five continents are now forming the coalition to create early markets for innovative clean energy technologies.
Led by the World Economic Forum and the US government, the initiative targets sectors such as aluminum, aerospace, chemicals, concrete, shipping, steel and trucks, which are responsible for 30 percent of global emissions. This share is expected to rise to over 50 percent by mid-century unless urgent progress is made in clean technology innovation.
Alf Barrios, Rio Tinto’s Chief Commercial Officer, said: “We want to leverage Rio Tinto’s significant purchasing 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 requires major shifts across the value chain, which our commitments to the First Movers Coalition aim to support.
“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 emerging technologies that propel our journey to a net-zero future.”
Nancy Gillis, Head of the First Movers Coalition at the World Economic Forum, said: “Rio Tinto’s commitment to a sustainable future makes the company a powerful addition to the First Movers Coalition. We look forward to working with Rio Tinto to foster clean energy innovation and transition the mining industry to a zero-carbon future.”
Rio Tinto commits to buying more zero-emission fuel for its own fleet of ships and to increasing its use of suppliers that use zero-emission fuels in shipping and aviation. It has also pledged that it will ensure a greater proportion of the heavy-duty trucks it purchases will be zero-emissions.
The company is working to reach net zero by 2050. It has set a goal of reducing Scope 1 and 2 emissions by 50% by 2030, supported by an estimated capital investment of approximately $7.5 billion.
For more information about the First Movers Coalition, visit www.weforum.org.
Notes for editors
Rio Tinto is a leading supplier of high-quality aluminum with a low carbon footprint, including the use of renewable hydropower, and is working to reduce emissions even further. We are scaling revolutionary zero-carbon aluminum smelting technology through our ELYSIS partnership with Alcoa, with support from Apple and the governments of Canada and Quebec. In Australia, we aim to develop environmentally friendly repowering solutions for the Boyne Island and Tomago smelters and are working with state and federal governments, energy companies and renewable energy developers to increase renewable energy availability.
Rio Tinto has entered the First Movers Coalition’s Marine, Trucking and Aviation categories, where general obligations for participants include:
Shipowners: “At least 5% of our deep sea shipping will be powered by zero-emission fuels by 2030, made possible by ships capable of using zero-emission fuels”
Cargo Owner: “At least 10% of the volume of our internationally transported goods will be on ships using zero-emission fuels by 2030; on the way to 100% by 2040”
Truck owners/operators: “At least 30% of my new heavy and 100% of my medium-duty truck purchases will be zero-emission trucks by 2030”
Haulage service users: “I require my haulage service providers to commit to at least 30% of new heavy-duty and 100% of medium-duty trucks being zero-emission trucks by 2030.”
Airline ticket buyers: “By 2030, we will partner with air carriers to replace at least 5% of the conventional jet fuel used in our air travel/cargo with sustainable aviation fuels (SAF) that reduce life cycle GHG emissions in the Reduce by 85% or more compared to conventional jet fuel and/or carbon-free propulsion technologies”
Rio Tinto is working closely with the FMC team to determine how it practically integrates the intent of the commitments into the context of Rio Tinto’s global operations.
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