Leading global mining group Rio Tinto has announced its intention to join World Bank’s Climate-Smart Mining Initiative, set to launch this May.
The mining group plan to leverage their experience to offer consulting advice in addition to contributing $1 million over five years to the program.
With the use of battery-powered electric vehicles rising exponentially, the World Bank program aims to avert significant ecological damage at mine sites supplying critical materials to the battery production industry.
With many such mines sites located in developing countries, World Bank plans to raise $50 million from the private sector and deploy that financing in order to manage the clean energy transition “responsibly, pragmatically and sustainably.”
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