Australia-based iron ore miner Rio Tinto has announced that it will join the First Movers Coalition, a global initiative to help commercialize zero-carbon technologies.
The initiative is led by the World Economic Forum and the US government and targets sectors including aluminium, aviation, chemicals, concrete, shipping, steel, and trucking, which are responsible for 30 percent of global emissions. This is expected to rise to over 50 percent by mid-century, unless there is urgent progress on clean technology innovation.
“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 new technologies to help power our way to a net-zero future,” Alf Barrios, Rio Tinto chief commercial officer, said.
The company is working to reach net zero by 2050 and it has set a target of a 50 percent reduction in Scope 1 and Scope 2 emissions by 2030, backed with an estimated investment of approximately $7.5 billion in capital.