MELBOURNE: Anglo-Australian miner Rio Tinto announced on Wednesday a $7.5 billion plan to reduce carbon emissions by 50% by 2030, a reduction three times greater than its previous target.
The target, based on 2018 emissions, will apply to Rio's direct and indirect emissions. Rio Tinto did not change its plan for scope 3 emissions - that is the emissions of its steel making customers - which will stay at a reduction of 30% by 2030.
The miner is also targeting a 15% cut to emissions by 2025, five years earlier than previously.
"These targets are supported by around $7.5 billion of direct investments to lower emissions between 2022 and 2030," it said.
Rio also said it expects to rapidly deploy 1 gigawatt (GW) of solar and wind power generation in the Pilbara to replace gas-fired power generation.
It also intends to decarbonise its Boyne Island and Tomago aluminium smelters, which will require an estimated 5 GW of solar and wind power generation.
Rio Tinto's aluminium business accounts for 70% of Rio's scope 1 and 2 emissions.