According to The Australian Financial Review, Rio Tinto has bowed to sustained pressure from big investors to start reporting how much it spends on so-called green steel projects and other efforts to reduce carbon emissions for iron ore mined in Australia and turned into steel in China.
Rio said that in response to talks with investors and the Australian Centre for Corporate Responsibility (ACCR) it had agreed to beef up its reporting on efforts to reduce carbon emissions from the processing of iron ore by its mainly Chinese steel-making customers. The company intends to spend up to $US6 billion on decarbonisation across its business to 2030. That figure was reduced from $US7.5 billion in December largely based on Rio deciding the technology was not advanced enough to convert its iron ore fleet to electric power by the end of the decade. https://www.afr.com/companies/mining/rio-bows-to-investor-pressure-on-green-steel-spending-20240319-p5fdnt
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