Rio Tinto Ltd yesterday said that it had found several cases where Australia’s biggest mining industry body advocated for thermal coal in contravention of 2015 Paris climate goals, as it released a review of its membership in industry groups.
Rio Tinto in April last year laid out its expectations for the industry associations that it funds to ensure that their policy on climate change and energy advocacy was consistent with the miner’s own, as well as the Paris Agreement, which aims to limit global warming to “well below” 2°C.
Where there was a lack of cooperation on advocating for those policies, Rio would reconsider its support and its membership of the groups, it said in an updated review released overnight.
The miner said that several advocacy “misalignments” by the Minerals Council of Australia (MCA), for which it is a major funder, paying US$2.1 million each year, but said that the breaches were minor and it would maintain its membership.
“This includes instances of public commentary and advocacy on thermal coal and decarbonization that is not technology neutral and is inconsistent with the goals of the Paris Agreement,” Rio Tinto said.
The group supports continued action on climate change, Australia’s participation in the Paris Agreement and a transformation to a low emissions global economy, council CEO Tania Constable said.
The review comes as investors ramp up pressure on major carbon-linked companies to drop support for thermal, or energy coal, which can be substituted for renewable energy, if the world is to meet the Paris climate accord goals.
While Rio sold off its coal assets for billions over 2017 to 2018, it is the world’s largest producer of iron ore, a key raw material for the steel industry, one of the world’s biggest emitters.
Rio said it also found MCA had made statements that were not endorsed by its board or members.
“This includes defense of future demand for thermal coal and advocacy that was inconsistent with goals of the Paris Agreement,” the miner said in the report.
MCA has agreed to improve its governance and processes around advocacy, Rio said.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign
RSS