Mining giant Rio unlikely to meet 2025 climate targets

SYDNEY: Anglo-Australian mining giant Rio Tinto said Wednesday it was unlikely to meet its 2025 greenhouse gas reduction targets, citing “underlying emissions growth” in parts of its business.

The company’s latest financial results also stated that net profits had slumped more than 40 percent in the past six months, due to weaker demand and lower commodity prices.

Rio Tinto, one of Australia’s biggest polluters, has turned heads in recent years by committing itself to a series of ambitious climate goals.

But Wednesday’s report indicated one of its earliest targets — cutting emissions 15 percent by 2025 — was in jeopardy.

This was caused by a range of factors, including changing construction timelines and “a requirement for additional abatement to address underlying emissions growth”.