Rio Tinto shareholders in Australia voted on Thursday against forcing the miner to set targets for the emissions of its steel-making customers, but the issue is unlikely to go away as more than a third supported the motion. Investors have been pushing for corporate giants to cut back their emissions as part of a wider drive to combat global warming outlined in the Paris climate accord.
Rio Tinto, which makes around 85% of its profits from sales of iron-ore, has come under increasing pressure given its huge exposure to the steel industry, one of the world’s heaviest polluters.