Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Alcoa Corp. set a goal to be carbon neutral by 2050 as the largest U.S. aluminum producer joins a number of metals producers that have already pledged to curb greenhouse-gas emissions and reduce their environmental impact.
Alcoa will cut its direct and some indirect emissions — known as Scope 1 and Scope 2 — from aluminum smelting and alumina refining operations by 30% by 2025 and 50% by 2030 from 2015 levels, the Pittsburgh-based company said in a Monday statement. The metal-maker said it intends to increase the use of renewable energy and expand its “low-carbon” assets.
“This new endeavor is an extension of our ongoing efforts to reach a decarbonization pathway,” Chief Executive Officer Roy Harvey said in the statement. “We have been recognized for our environmental practices, and we are developing new technologies that will help us progress toward our net-zero ambition by 2050.”
Alcoa already is part of a joint venture with Rio Tinto Plc, with an investment from Apple Inc., that developed a technology that makes so-called green aluminum, whose production doesn’t emit carbon dioxide. The company did not outline any goals around Scope 3 emissions, or environmental impacts tied to use of its products by consumers or from its supply chain.
(By Joe Deaux, with assistance from Akshat Rathi)
Comments