World’s Largest Miners Pledge Net Zero Carbon Emissions by 2050

“ICMM members’ collective commitment to net zero scope one (direct) and two (indirect) greenhouse gas emissions by 2050 is a pivotal moment in our history,” CEO Rohitesh Dhawan said in an open letter signed by the 28 chiefs of the world’s largest miners.ang

The announcement comes before next month’s U.N. climate gathering that aims to achieve more ambitious climate action from the nearly 200 countries that signed the 2015 Paris Agreement to limit global warming.

Many miners including Anglo American, Rio Tinto and BHP, under pressure from environmental activists and shareholders, have already committed to net zero by 2050 in direct and indirect emissions.

The collective commitment, however, “represents a joint ambition from companies that make up one third of the global mining and metals industry,” the ICMM said.

Its 28 members span 650 sites over 50 countries.

Direct and indirect emissions will be lowered by accelerating the use of renewable energy and reducing or eliminating the use of diesel trucks, Dhawan told Reuters.

Companies will report on their progress annually, the ICMM said.

Targets for scope three emissions, which includes those from customers processing iron ore to steel, should be set “if not by the end of 2023, as soon as possible.”

The technology to produce carbon-free steel has not yet been proven.

Glencore, the world’s largest supplier of seaborne thermal coal, has committed to a scope three goal mainly by starving its coal mines of fresh capital.

ICMM members, which include Barrick Gold and Alcoa, have collectively cut emissions by 6% between 2016-2018, Dhawan said.

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(Reporting by Zandi Shabalala and Clara Denina; Editing by Cynthia Osterman)

UK Shares Rise on Travel, Banking Boost; Retail Sales Data Ease Taper Fears

The blue-chip FTSE 100 index rose 0.3%, with banking shares gaining after a series of brokerage upgrades and price target hikes.

Asia-focused banks HSBC Holdings and Standard Chartered jumped 1.8% and 0.5%, respectively, after Barclays raised price targets on the stocks. RBC also upgraded HSBC to “outperform” from “sector perform”.

However, gains on the FTSE 100 were capped by miners Rio Tinto and Anglo American, which slipped 2.7% and 3.6% after Morgan Stanley cut its price targets on the stocks.

The domestically focused mid-cap FTSE 250 index advanced 0.5%.

British retail sales dropped 0.9% on the month in August versus a Reuters poll for a rise of 0.5%, after data earlier this week pointed towards a sharp recovery in the jobs market and a spike in inflation.

Investor focus will now be on the outcome of Bank of England’s (BoE) policy meeting next week.

“Next week’s policy decision should reaffirm that some tightening will be needed over the next few years to keep inflation (and the economy) in check. But we don’t expect the BoE to conclude that there is a sufficient case yet for near-term rate hikes,” Deutsche Bank economist Sanjay Raja said.

Airlines Wizz Air, Ryanair Holdings and British Airways owner IAG, and holiday company TUI AG rose between 1.2% and 4.7%, as Britain was set to consider easing its COVID-19 rules for international travel.

“The hope will be that a shift in the rules is the precursor to people jetting off for autumn and winter getaways,” said Russ Mould, investment director at AJ Bell.

Wickes Group jumped 5.6% to the top of FTSE 250 index after Deutsche upgraded the DIY retailer to “buy” from “hold”.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Devik Jain in Bengaluru; Editing by Uttaresh.V and Shounak Dasgupta)

Anglo American’s Q2 Production Up 20% Driven by Diamonds, Platinum

In the three months to June rough diamond production rose by 134% compared to the same period a year ago as consumer demand recovered, while platinum group metals production at its South African unit Anglo American Platinum increased by 59% to 1.06 million ounces.

Copper production rose by 2% to 170,000 tonnes, it said.

(Reporting by Clara Denina and Helen Reid, Editing by Helen Reid)