Rio calls on shareholders to vote against emissions resolution

MELBOURNE (Reuters) – Rio Tinto said Monday that it would recommend shareholders to vote against a resolution asking the miner to report his direct emissions and those of his clients in more detail.

In a notice convening its annual general meeting in May, Rio stated that shareholders should vote against the proposed rule change, which would allow it to establish transition plans consistent with the objectives of the Paris Agreement aimed at limit global warming to 1.5 degrees Celsius.

These plans would include short-, medium- and long-term targets for reducing greenhouse gas emissions from areas 1, 2 and 3, as well as detailed strategies to achieve the targets in each annual report from 2020, in accordance with the proposed resolution.

Scope 1 emissions refer to direct emissions from the company's activities. Scope 2 emissions are indirect, for example from purchased electricity. Scope 3 broadcasts are those created by customers of a company's product.

"Rio Tinto is currently undertaking detailed technical, economic and policy badyzes, badet-by-badet, to inform the new Scope 1 and 2 emission reduction targets to replace the existing targets, which expire in 2020," he said. said President Simon Thompson in a paper on the Australian Stock Exchange.

Rio Tinto, which issued its own report on climate change last month, advised against voting because it did not control the emissions of its customers and that an ongoing badysis was based on a different framework.

"Scope 3 emissions are mainly emissions from our customers, mainly Chinese steelmakers, over whom we have very limited control."

The issuance resolution was submitted by Melbourne-based non-profit corporation Market Forces, acting as agent for 109 shareholders holding approximately 0.02% of the Australian rating.

"By recommending shareholders to vote against this resolution, Rio Tinto has not seized this opportunity to badure shareholders that its new emission reduction targets will be fully consistent with the climate objectives of the Rio Tinto Agreement. Paris, "said Will van de Pol of Market Forces Reuters.

Rio said its current badysis was based on "less than 2 degrees", reflecting a scenario of sustainable development of the International Energy Agency, and that it would issue goals and strategies on how to reach them in 2020.

According to the combined data from the Clean Energy Regulator, Rio is among the top five carbon emitters in Australia.

The miner said he produced 28.6 million tonnes of emissions from levels 1 and 2 last year and 536.0 million tonnes of field emissions 3, but what about was on track to achieve its goal of reducing the intensity of its emissions by 24% from 2008 levels by the year 2020.

(Report by Melanie Burton)