Australia’s Rio Tinto exits state mining lobby amid climate rift -Breaking
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© Reuters. FILE PHOTO – The Rio Tinto logo appears on the helmet of a visitor at Boron’s Borates Mine in California. November 15, 2019. REUTERS/Patrick T. Fallon/File Photograph(Reuters:) Rio Tinto, one of Australia’s biggest mining companies confirmed on Thursday that it will be leaving the state mining lobby after raising concerns about its policies regarding coal mining expansion.
To align themselves with the Paris agreement, global firms are seeking to please shareholders and regulators by setting higher emissions targets across their operations.
Rio Tinto has decided to end its membership in the Queensland Resources Council (QRC), after careful consideration,” Kellie Parker, Rio Tinto Australia’s chief executive officer stated via email. She did not specify the reasons for her departure.
The global miner’s exit from the council comes after BHP had suspended https://reut.rs/3jHCVBi its membership in 2020 with the lobby group, which had at the time campaigned against the Greens political party ahead of an election in coal-rich Queensland state.
Australasian Centre for Corporate Responsibility (ACCR), an investor advisory company, had filed in February a shareholder résolution to Rio Tinto in order to terminate its membership to the council.
ACCR released a separate statement stating that Rio Tinto may have exited the QRC because of its shareholder resolution. But, ACCR was being increasingly pressured by shareholders to curb obstructive lobbying done by industry associations.
ACCR stated that the Paris Agreement is supported by the “other members” – which includes Anglo American (LON :), BHP Origin Energy, and South32 (OTC: ) You will need to follow Rio Tinto in order to exit the QRC.
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