According to The Australian Financial Review, Rio Tinto will spend $US1 billion ($1.5 billion) on climate initiatives over the next five years as part of the miner's approach to working in a world challenged by anthropogenic climate change.
The action came as Rio set new emissions reduction targets for 2030 and joined British Prime Minister Boris Johnson, federal Labor leader Anthony Albanese and BHP in stating an ambition to reduce emissions to ''net zero'' by 2050.
Rio's updated climate change policies are dominated by the $US1 billion spend, which dwarfs the $US400 million BHP has pledged to spend on climate investment projects over the next five years.
While BHP has taken equity investments in start-up companies trialling climate technologies such as direct air capture, Rio's fund is expected to be more focused on emissions reduction or avoidance within its own assets and supply chains.
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