ACCR acknowledges our company’s support for the Paris Agreement and welcomes its updated operational emissions targets and commitment to achieve net-zero operational emissions by 2050.
In 2021, our board recommended shareholders vote in favour of Resolution 20 at the Rio Tinto Ltd 2021 annual general meeting (AGM). Resolution 20 requested our company enhance its annual review of industry associations to ensure that it identifies areas of inconsistency with the Paris Agreement; and, suspend membership of industry associations where their record of advocacy is inconsistent with the Paris Agreement’s goals. Resolution 20 was supported by 99.04% of shareholders.
The International Energy Agency’s (IEA) ‘Net zero by 2050’ scenario concluded that no new coal, gas or oil developments can proceed beyond 2021, in order to limit global warming to 1.5°C. The IPCC’s Special Report on Global Warming of 1.5°C concluded that in the absence of, or with only a limited use of carbon capture and storage (CCS), the share of primary energy provided by coal must decline by 61-78% by 2030, and by 77-97% by 2050 (relative to 2010)
The 2021 IPCC Sixth Assessment Report—described as the “code red for humanity”—concluded that “we are at imminent risk of hitting 1.5°C in the near term” and that “the only way to prevent exceeding this threshold is by urgently stepping up our efforts and pursuing the most ambitious path.”
Yet several of our company’s industry associations continue to advocate for the development of new and expanded coal mines.