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3/18/2019, 9:47 AM (Source: TeleTrader)
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Rio Tinto urges against emissions reporting plan

Rio Tinto Group told shareholders on Monday to vote against a proposal to introduce detailed reporting on the compliance with the targets determined in the Paris climate accord and related plans including expenditure figures. The resolution would set objectives for the so-called scope 3 emissions and the segment mostly covers emissions by customers which manufacture steel in China and the company has little influence on them, the note said.

"We will provide scenarios for the speed and effectiveness of these abatement measures, but we cannot provide specific targets. Secondly, the analysis that currently underpins our work to set the new targets is predicated upon a less than 2°C scenario, reflecting the International Energy Agency’s (IEA) Sustainable Development scenario," directors added and stressed the latest scenario drafted by the Intergovernmental Panel on Climate Change indicates 1.5 degrees Celsius.

The giant miner, which trades as Rio Tinto Ltd. in Sydney and Rio Tinto Plc at the London Stock Exchange, vowed to outline scope 1 and 2 targets next year. The first section refers to emissions on an internal basis and the other one to indirect effects like from the origin of electricity that Rio Tinto uses.

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