Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 213

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 213
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 determining estimates for assets and liabilities in our financial statements, including impairment testing, estimating remaining economic life, and discounting closure and rehabilitation provisions. Resilience scenario is our sensitivity analysis designed to test our annual plan and investment proposals. N either of the Conviction or Resilience scenarios above are consistent with the expectation of climate policies required to accelerate the global transition to meet the stretch goal of the Paris Agreement. Despite global agreements on climate change reached in Glasgow and Dubai, emissions today continue to rise, making the 1.5°C goal of the Paris Agreement unlikely to be achieved. As our operational emissions targets are in line with 1.5°C, so too are our decarbonisation investment decisions. In 2022, we developed a Paris-aligned scenario, referred to as the Aspirational Leadership scenario, which helps us better understand the pathways to meet the Paris Agreement goal, and what this could mean for our business. Overall, based on our internally developed pricing outlooks, we do not envisage a material adverse impact of the 1.5°C Paris Agreement- aligned sensitivity on asset carrying values, remaining useful life, closure and rehabilitation provisions for our Group. During the year, the assessment performed under the Physical Resilience Programme, together with our ongoing review processes, including impairment assessments, did not identify any material accounting impacts as a consequence of the physical risks associated with climate change. For more information on climate change impact on our Group, see our 2025 Climate Action Plan on pages 41 to 75 in this report. Contact with financial regulators during 2024 During the year, the Company did not receive any formal correspondence from financial regulators. External auditors Engagement of the external auditors For the 2024 financial year, KPMG served as our auditors. Their appointment was approved by shareholders at our AGMs in 2024. The UK entity of KPMG audits Rio Tinto plc, and the Australian entity audits Rio Tinto Limited. The UK audit engagement partner, Jonathan Downer, was appointed in March 2021 and the Australian partner, Trevor Hart, was appointed in 2020. Graham Hogg will replace Trevor Hart for the 2025 audit. This is a planned partner rotation, in line with the requirements of the Australian Accounting Professional & Ethics Standards Board and SEC requirements. We agreed on the scope of the auditors’ review of the half-year accounts, and of their audit of the full-year accounts, taking into consideration the key risks and areas of material judgement for the Group.