Big investors led by Fidelity and the Australian Council of Superannuation Investors have twisted its arm regarding disclosures.
Already a subscriber?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 on Tuesday that 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. Fidelity sustainable investing boss Daniela Jaramillo said the disclosure improvements had been a priority in talks with Rio over the past few years.
“Increased transparency is key to enable coordination between the iron ore and steel sectors, and will provide greater insight into the progress being made in decarbonising the whole sector.”In 2023, Rio’s scope 3 emissions across all operations totalled 578 million tonnes with almost 70 per cent of those emissions coming from iron ore.
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