Anglo American and Rio Tinto join World Bank climate initiative

Anglo American and Rio Tinto have become founding donors to the World Bank’s Climate-Smart Mining initiative – the first ever fund dedicated to making mining a more sustainable practice.

The World Bank said the facility will focus on helping resource-rich developing countries benefit from increasing global demand for minerals and metals, while ensuring the sector is managed in a way which reduces its environmental and climate footprint.

Adding to the World Bank’s initial US$2 million investment, Anglo and Rio have joined the German government as donors, with Anglo providing $1 million to the facility over the next five years. The World Bank hopes to raise $50 million in this period.

Anglo’s chief executive Mark Cutifani said: “To have real impact we must work together with governments and operators to bring changes. That is why we are supporting the World Bank with this facility, to provide funds that can transform our industry for the future.

Meanwhile, Rio’s CEO J-S Jacques said: “We want to be part of the solution on climate change and the best solutions will come from innovative partnerships across competitors, governments and institutions.

Rio recently announced that it will reduce its annual carbon footprint at one of its copper operations in the US by up to 65% by switching from coal power to renewable energy.