Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 112

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 112
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| Annual Report on Form 20-F 2024 | 58 | riotinto.com |

Strategic report | Our approach to ESG | Climate Action Plan

Scope 3 emissions: Partner to decarbonise our value chains In 2024, our Scope 3 emissions were 574.6Mt CO 2 e (equity basis), approximately 19 times higher than our Scope 1 and 2 emissions. This is compared to a restated 2023 number of 572.5 Mt CO 2 e (equity basis). The majority of these emissions (94%) stem from customers processing our products, particularly iron ore (69%) and bauxite and alumina (23%). Specifically, emissions related to iron ore processing were 395.9Mt CO 2 e in 2024, compared to 399.9Mt CO 2 e in 2023. Emissions related to bauxite and alumina processing increased from 127.1Mt CO 2 e (restated) in 2023 to 134.0Mt CO 2 e in 2024, mostly as a result of increased bauxite sales. Many of our customers have set public targets for their Scope 1 and 2 emissions (our Scope 3). About 55% 1 of our steel-producing customers by direct iron ore sales volume have set public targets to reach net zero or carbon neutrality by 2050. Meanwhile, nearly 33% 1 of our bauxite sales are to customers with net zero emissions targets, though only 11% of customers are aiming for net zero by 2050. As things stand today, our analysis of our customers’ targets and their governments’ commitments to reduce their emissions shows a trajectory for those processing emissions that approaches net zero by around 2060. This is driven in large part by China (80% of Scope 3 emissions), which has pledged to be carbon neutral by 2060. Approximately 20% of our emissions come from countries such as South Korea and Japan, which have pledged to be net zero by 2050. We are committed to partnering with customers and suppliers to help them achieve their targets earlier, reaching net zero by 2050. We have not set an overall Scope 3 emissions target due to the limited direct influence we have on the decarbonisation activities of our customers, required maturation of technology adoption and grid decarbonisation in customers’ host countries. Instead, we are holding ourselves accountable on real and measurable