
Chinese agreement on scope 3 emissions
RIO Tinto (ASX: RIO) has entered into a historic MoU with Chinese steel giant China Baowu Steel Group and Tsinghua University to implement methods that reduce carbon emissions across the steel value chain. Signed at the China International Steel and Raw Materials Conference in Qingdao, the MoU will enable the formation of a working group tasked with identifying a pathway to reduce the carbon emitted across the entire value chain – amounting to between 7-9pc of world emissions. This comes as a major breakthrough to address carbon emission downstream, or scope 3 emissions, as mounting concerns pressure companies such as BHP to address the global climate impact of their products across the whole supply chain. Rio Tinto chief executive Jean-Sébastien Jacques…