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Climate Change

Rio Tinto to spend $7.5bn on halving carbon emissions by 2030

CEO calls the ambitious target a 'massive shift' as shares in London fall

Chief Executive Jakob Stausholm said: "It’s a massive shift but it’s the future for Rio Tinto," referring to the company's plan to spend $7.5 billion on halving carbon emissions by 2030. (Photo courtesy of Rio Tinto)

MELBOURNE (Reuters) -- Anglo-Australian miner Rio Tinto announced on Wednesday a $7.5 billion plan to reduce carbon emissions by 50% by 2030, a reduction three times greater than its previous target, but shares fell as investors reacted to the higher spend.

As steel and iron ore producers continue their push to cut carbon emissions in line with global climate commitments by 2050, Rio said it sought to halve its scope 1 and 2 carbon emissions -- direct emissions by the company and certain types of indirect emissions, respectively -- by the end of the decade.

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