Rio Tinto announced that it has joined the First Movers Coalition, a global initiative to assist in the trading of clean technology by leveraging supply chains.
The coalition is made up of nearly 50 companies involved with a collective market value of $8.5 trillion across five continents, according to the alliance to generate early markets for innovative clean energy technologies.
The World Economic Forum, together with the U.S. Government, launched this initiative to reduce global emissions, which are divided by industry sector. Aluminum, aviation, chemicals, and other industries are participating. This is expected to increase to more than 50% by mid-century, unless there is innovative progress in sustainable technology.
Rio Tinto’s commercial director, Alf Barrios, explained that “We want to bring Rio Tinto’s considerable purchasing power to help build sustainable supply chains for emerging green technologies. Low carbon transition is at the heart of our business strategy and success will require a large scale of change across the value chain, which our pledges to the First Movers Coalition aim to support.”
On the other hand, the head of the First Movers Coalition at the World Economic Forum, Nancy Gillis, stated: “Rio Tinto’s commitment – a company with a sustainable future – makes the people I represent delighted to include them as a member of our coalition. We look forward to working with them to promote the use of clean energy and to help them generate environmental innovations.”he reiterated.
Rio Tinto will demonstrate its near-term commitment to sustainable fuels that do not emit any greenhouse gases, such as biodiesel or methane. It has also committed to ensuring that a greater proportion of the heavy-duty trucks it purchases are zero-emission.
The company is working to achieve net zero by 2050, and aims to reduce Scope 1 and 2 emissions by up to 50% with an estimated investment of approximately $7.5 billion.
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