Rio Tinto’s annual general meeting has revealed an increase in shareholder votes that encouraged the company to set scope three emissions target.
Votes for a resolution on emissions targets tallied 36.93 per cent of shareholders who were for the proposal to 63.07 per cent of voters who were against.
Rio Tinto stated that for the votes to count, support to amend the company’s constitution must be given.
However, the latter was overwhelmingly one-sided, with 91 per cent of shareholders voting against a revision to the company’s constitution.
Scope three targets involve reducing the emissions of a company’s customers. Rio Tinto has only set scope and scope two targets at this stage.
Earlier in the year, Rio Tinto pledged $1 billion to reach its climate change targets over the next five years. However, company chief executive Jean-Sébastien Jacques stated that the path to a zero emissions future by 2050 was hazy.
“There is no clear pathway right now for the world to get net zero emissions by 2050,” Jacques said last February.
Over the last 10 years, Rio Tinto has reduced its greenhouse gas emissions by 36 per cent.
Under its current targets, Rio Tinto is aiming to reduce emissions intensity by a further 30 per cent, as well as a reduction of 15 per cent in absolute emissions from the 2018 levels by 2023.