Global miner Rio Tinto’s announcement that it will spend $1-billion to reach net zero emissions by 2050 has been hailed as a “small, but significant step in the right direction”, however Wood Mackenzie vice chairperson of metals and mining Julian Kettle said on Wednesday that the iron-ore major had to do more.
“Changes need to be far bolder at a corporate, government and societal level,” he said in response to the Rio Tinto announcement, in which the diversified miner set new emission reduction targets for 2030.
"Setting Rio Tinto’s $1-billion in context, this represents just 16% of the dividend it distributed in 2019 or just under 5% of its reported earnings before interest, tax, depreciation and amortisation of $21.2-billion for the same year.