WASHINGTON, D.C., SEPTEMBER 6, 2007 – Rio Tinto, a major mining company with operations and markets worldwide, [NYSE: RTP] announced today that it has joined the United States Climate Action Partnership (USCAP). The organization represents an alliance of major businesses and environmental groups encouraging federal policy to address climate change and reduce greenhouse gas (GHG) emissions.
“Climate change is a critical issue for our business. Not only do we produce energy resources, such as coal, but our mining and mineral processing operations use large quantities of energy. Combating climate change means finding new and better ways of producing and using energy,” said Tom Albanese, Rio Tinto’s chief executive. “USCAP provides an important forum to advance comprehensive policy and technology options.
The purpose of USCAP is to provide a forum for members to seek policies that account for the global dimensions of climate change; create incentives for technology innovation; are environmentally effective; create economic opportunity and advantage; are fair to sectors that are disproportionately impacted and; reward early action. These overarching
principles adopted by USCAP are aligned with Rio Tinto’s position on climate change adopted in 2005. See http://www.riotinto.com/library/microsites/socEnv2004/common/pdfs/ClimatePosition.pdf [1]
“The challenge for this century is to reduce carbon dioxide (CO2) emissions from fossil fuels such as coal,” said Preston Chiaro, chief executive of Rio Tinto’s Energy division. “In the past we have effectively applied technology to reduce emissions from coal burning, but the key to unlocking an environmentally friendly future for all fossil fuels carbon dioxide capture and storage (CCS). The ultimate success of CCS will depend upon its widespread application, public acceptance and rapid commercialization of the technology.
“USCAP recognizes that government and industry cooperation to advance CCS technology is a critical path toward slowing, stopping, and reducing the growth of GHGs in the atmosphere,” said Chiaro. “Market-based approaches can provide long-term incentives for low carbon power generation, but government support will also be required to help overcome the high initial cost of first-of-kind technology development and deployment.”
Rio Tinto has pursued advances in low-carbon technology by partnering in projects to develop low-emission coal power sources with CCS, such as the FutureGen Alliance in the United States and clean-coal power projects in Australia. Earlier this year, BP and Rio Tinto formed a jointly-owned company, Hydrogen Energy, to develop decarbonised energy projects around the world. Rio Tinto also has been working for a number of years on the HIsmelt® energy efficient iron-making technology. Additionally, throughout the Rio Tinto Group there is an ongoing focus on energy management, improving efficiency and reducing emissions, while also aiming to have its products contribute to solutions for climate change.
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About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminum, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
The Group’s objective is to maximize the overall long term return to shareholders through a strategy of investing in large, cost competitive mines, driven by the quality of each opportunity, not the choice of commodity.
Wherever Rio Tinto operates, the health and safety of its employees is the first priority. The Group seeks to contribute to sustainable development. It works as closely as possible with host countries and communities, respecting their laws and customs and ensuring a fair share of benefits and opportunities.
About The United States Climate Action Partnership
United States Climate Action Partnership (USCAP) is a group of businesses and leading environmental organizations that have come together to call on the federal government to quickly enact strong national legislation to require significant reductions of GHG emissions. USCAP has issued landmark set of principles and recommendations to underscore the urgent need for a policy framework on climate change. This unique alliance, formed in January 2007, believes that swift legislative action on the USCAP solutions-based proposal, entitled A Call for Action, would encourage innovation, enhance America's energy security, foster economic growth, improve our balance of trade and provide critically needed U.S. leadership on this vital global challenge.
Links:
[1] http://www.riotinto.com/library/microsites/socEnv2004/common/pdfs/ClimatePosition.pdf