Metals and mining corporation Rio Tinto has joined the First Movers Coalition to support the transition towards a low carbon economy.
The global initiative – led by the World Economic Forum and the US Government and which targets sectors including aluminium, aviation, chemicals, concrete, shipping, steel and trucking that are responsible for 30% of global emissions – aims to help commercialise zero carbon technologies by harnessing purchasing power and supply chains.
Rio Tinto is making commitments to buy more zero-emission fuel for its own shipping fleet and make greater use of suppliers that use the fuels in shipping and aviation.
It has also pledged to ensure a greater proportion of heavy haul trucks it acquires will be zero-emission.
It has set a target to reduce Scope 1 and 2 emissions by 50% by 2030 and achieve net zero emissions by 2050, with an estimated investment of around $7.5 billion (£6.6bn).
Rio Tinto Chief Commercial Officer Alf Barrios said: “We want to bring Rio Tinto’s considerable buying power to help build sustainable supply chains for emerging green technologies. The low carbon transition is at the heart of our business strategy and success will require large scale of change throughout the value chain, which our pledges to the First Movers Coalition are aimed at supporting.
“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.”