Rio Tinto: Will Increase Capital Spending, Accelerate Carbon Emissions Cuts
October 20 2021 - 2:09AM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC said Wednesday it will raise spending on projects
and accelerate efforts to reduce carbon emissions.
The world's second biggest miner by market value raised its
estimate for capital expenditure in 2022 to $8 billion, from $7.5
billion previously, and said it aims to spend between $9 billion
and $10 billion a year in 2023 and 2024. The company left its 2021
projection unchanged at roughly $7.5 billion in a statement ahead
of an investor day presentation.
Rio Tinto also said it would target a reduction in so-called
scope 1 and 2 carbon emissions by 50% by 2030, more than tripling
an earlier target. The company said it would target a 15% reduction
in carbon emissions by 2025 and would make roughly $7.5 billion in
direct investments to lower emissions between 2022 and 2030.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 20, 2021 01:54 ET (05:54 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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