Climate risks and opportunities have formed part of Rio Tinto’s strategic thinking for over two decades, and now Rio Tinto has published its first “Our approach to climate change” report, which illustrates how the company plans to contribute to and leverage the transition to a low carbon future. It uses recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) as a framework to assess the potential risks and opportunities of climate change and related policies. Based on this, Rio Tinto has outlined four key areas where it will take actions:
- Supply essential metals and minerals for the transition to a low-carbon economy
- Reduce emissions from its own footprint
- Identify and assess physical risk exposures
- Partner to advance climate goals
The company has reduced its emissions-intensity footprint by almost 30 percent since 2008, ahead of targets, and renewable sources produce nearly three-quarters of the electricity it uses. Rio Tinto believes the transition to a low-carbon society will be best managed through partnership between government, business and society. In 2018, it announced a new technology partnership with Alcoa, with support from Apple and the governments of Canada and Quebec, to develop aluminium smelting technology that emits oxygen in lieu of carbon - an industry first. The full report is available on Rio Tinto’s website, here.