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Akanksha Bakshi

Australia's Rio Tinto Quits State Mining Lobby Over Climate Rift: Reuters

  • Reuters reported that Australia's Rio Tinto plc (NYSE:RIO) confirmed its exit from the state mining lobby group after raising concerns that its policy on expanding coal mines did not align with the Paris Climate Agreement.
  • Global corporations have been attempting to appease authorities and shareholders by striving for higher emission cuts to comply with the Paris agreement.
  • "After careful consideration, Rio Tinto will not renew its membership with the Queensland Resources Council (QRC) for the 2022-2023 financial year," the report cited Kellie Parker, Rio Tinto's Australia CEO.
  • "While Rio Tinto's exit from the QRC may have been triggered by ACCR's shareholder resolution, the company was under increasing pressure from its shareholders to rein in obstructive lobbying by its industry associations," the report quoted ACCR (Australasian Centre for Corporate Responsibility).
  • ACCR noted the other members that claim to be supportive of the Paris Agreement, including Anglo American plc (OTC:NGLOY), BHP Group Ltd (NYSE:BHP), Origin Energy Ltd (OTC:OGFGF), and South32 Ltd (OTC:SOUHY), must follow Rio Tinto and exit the QRC.
  • Price Action: RIO shares are trading lower by 0.16% at $81.81 during the premarket session on Thursday.
  • Photo via Wikimedia Commons
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