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Rio Tinto will invest around $1 billion over the next five years to meet its 2030 climate change targets and 2050 net-zero emissions goal.

The goals include reducing the firm’s emissions intensity form 2018 levels by 30%, reducing absolute emissions from 2018 levels by 15% and ensuring overall growth is carbon neutral by 2030.

Between 2008 and 2019, Rio Tinto reduced absolute carbon emissions from managed operations by 46%

Currently, 76% of Rio Tinto’s energy consumption at managed operations is from renewable energy, compared with 26% of global electricity production.

Rio Tinto recently announced plans to build its first solar at a $2.6 billion project. Read the full story here.

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.

Details of how Rio Tinto plans to achieve its ambition of net-zero emissions by 2050 through action in four areas are available here.