Australia's Ngarluma Country Shines Bright: Solar Project Aims to Slash Rio Tinto's CO2 Footprint
Portfolio Pulse from Lekha Gupta
Rio Tinto (NYSE:RIO) and Ngarluma Aboriginal Corporation are collaborating on an 80MW solar farm in Australia, aiming to reduce Rio Tinto's CO2 emissions by up to 120kT annually. The project is part of Rio Tinto's broader goal to deploy 600MW to 700MW of renewable energy by 2030. The feasibility study is expected by early 2025, with commissioning planned for 2027.
July 15, 2024 | 11:39 am
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POSITIVE IMPACT
NEOS ETF Trust Mast Global Battery Recycling & Production ETF (NYSE:EV) provides exposure to Rio Tinto, which is advancing in renewable energy projects. This could positively impact the ETF's performance.
Given Rio Tinto's involvement in renewable energy, the NEOS ETF Trust Mast Global Battery Recycling & Production ETF could see positive impacts from these developments.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Rio Tinto is partnering with Ngarluma Aboriginal Corporation to develop an 80MW solar farm, aiming to reduce CO2 emissions by up to 120kT annually. This aligns with Rio Tinto's goal to deploy 600MW to 700MW of renewable energy by 2030.
The partnership and the solar project are significant steps towards Rio Tinto's sustainability goals, which could positively impact investor sentiment and the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
VanEck Steel ETF (NYSE:SLX) provides exposure to Rio Tinto, which is undertaking a significant renewable energy project. This could positively impact the ETF's performance.
As Rio Tinto is a significant component of the VanEck Steel ETF, the positive developments in Rio Tinto's renewable energy projects could enhance the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50