Minding the carbon store
When it comes to climate change we admit we're rather green.
Rio Tinto Aluminium is increasing efforts to manage its global emissions of greenhouse gases by implementing a multi pronged climate change strategy. The strategy includes improving energy efficiency and reducing greenhouse gases at all its operations and working with stakeholders to explore innovative solutions to this global issue.
In 2006 one of our climate change initiatives was a partnership with The Carbon Pool Pty Ltd. The collaboration resulted in a project that created fully verified greenhouse gas abatement (carbon credits) by avoided deforestation. This project was made possible by a limit on further clearing prior to the introduction of a ban on broadscale land clearing in Queensland from the end of 2006. The project became known as Minding the Carbon Store.
As part of the Minding the Carbon Store project, The Carbon Pool Pty Ltd effectively purchased landholders' land clearing permits at an agreed price. Rio Tinto Aluminium then purchased the carbon credits arising from the protection of this vegetation. The credits were verified and approved under the Federal Government's Greenhouse Friendly initiative.
The vegetation on this land is protected from clearing for 120 years which will prevent the release of CO2 into the atmosphere over this time period.
Rio Tinto Aluminium's cornerstone purchase of carbon credits saved over 12,000 hectares of native vegetation and will generate around one million tonnes of fully verified emission abatement.
The project has contributed towards building valuable knowledge and capacity around validating bio-sequestration (that is, locking up carbon in vegetation) as a legitimate and viable greenhouse gas emissions offset opportunity.
By playing a pioneering role in this world first project and in doing so creating the single biggest trade of carbon in Australian history, we have demonstrated our commitment to leadership and innovation in climate change.
The project has contributed towards building valuable knowledge and capacity around validating bio-sequestration (that is, locking up carbon in vegetation) as a legitimate and viable greenhouse gas emissions offset opportunity.