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Rio Tinto PLC and Volvo Group on Tuesday announced they signed a memorandum of understanding focused on the supply of low-carbon materials.
Under the deal, Rio will supply low-carbon products to Swedish carmaker Volvo, which aims ‘towards a net-zero’ future, referring to carbon emissions. ‘The partnership aims to secure supplies of materials including lithium, low-carbon aluminium, copper, and metallics,’ London-based miner Rio explained.
The partnership will allow Rio ‘to progress sustainability commitments in its operations and supply chains.’ Rio Tinto Chief Executive Officer Jakob Stausholm stated: ‘We will be working together to support the decarbonisation of Rio Tinto's operations and deliver low-carbon materials for use in Volvo's innovative product range, including electric and autonomous vehicles.’
Rio Tinto added: ‘The companies will work towards decarbonising Rio Tinto's operations through piloting Volvo's sustainable autonomous hauling solutions’. Meanwhile, Rio sees product development opportunities, such as the supply of lithium for batteries.
In March, the Australasian Centre for Corporate Responsibility, which is focused on transitioning to a low-carbon economy, said Rio Tinto ‘should commit to significantly enhance its positive advocacy, direct and indirect, for Paris-aligned climate change policy in key jurisdictions and at an international level’. The ACCR advised Rio Tinto investors to advocate for this.
Rio Tinto shares were 1.5% higher at 5,017.00 pence each in London on Tuesday morning.
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