Rio Tinto’s Commitment On Scope 3 Disclosures Welcomed

19 March 2024
From Fidelity International's Daniela Jaramillo, and ACSI's Ed John.

Rio Tinto is one of the focus companies for the Climate Action 100+ initiative. Investors have been asking for improved disclosures. Rio Tinto has today made a new commitment to enhance disclosure on plans to reduce scope 3 emissions from processing iron ore.

Lead investors, Fidelity International’s Daniela Jaramillo, Head of Sustainable Investing – Australia, and ACSI’s Ed John, Executive Manager of Stewardship, said:

“Steel is one of the hardest sectors to abate and will require meaningful coordination between the steel and iron ore sector. As the Australian co-lead investors for Rio Tinto for Climate Action 100, we welcome the company’s commitment to boost disclosure of efforts to decarbonise the iron ore and steel sector.

“We see these commitments as an important step to give long-term investors greater visibility of how Rio Tinto is future-proofing its business and where necessary investments are being made. This is why this has been one of the key priorities in our engagement with Rio in the last few years.”

“Increased transparency is key to enable coordination between the iron ore and steel sectors, and will provide greater insight into the progress being made in decarbonising the whole sector. We look forward to continuing to see accelerated progress towards the reduction of their scope 3 emissions.”