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Alcoa Corporation Century Aluminum Hindalco Industries Mytilineos* *Edison client |
Norsk Hydro Rio Tinto Group United Company RUSAL |
![Primary aluminium smelting power consumption by source in 2020 (GWh)](https://d3s3shtvds09gm.cloudfront.net/1efccfecb9a4cf5d69210b0481a8cbbd.png)
![Listed aluminium producers that set a CO2e emissions target](https://d3s3shtvds09gm.cloudfront.net/23196894af955ef45370f4edb3f6cdba.png)
![CO2 emissions intensity and targets analysis](https://d3s3shtvds09gm.cloudfront.net/2fc46ae62c46462afa14ac995cf495d0.png)
- <4t CO2e/t, which potentially equates to ‘low-carbon’ aluminium;
- >4t CO2e/t, which indicates average emissions intensity above that required for ‘low-carbon’ aluminium; and
- >>4t CO2e/t, which indicates average emissions intensity significantly above that required for ‘low-carbon’ aluminium and would apply to companies reliant mostly on coal-fired generation, which can equate to emissions intensities of above 15t CO2e/t.
In summary
A ‘low-carbon’ aluminium classification could potentially support above-average long-term pricing premiums as customers are increasingly willing to pay a premium for low-carbon products and services, which can in turn help them achieve their own emissions reduction targets and/or make their products more attractive to environmentally conscious consumers. Whether premium prices lead to premium profits depends on the potential to source renewable electricity from lower-cost projects/regions. Leaders and laggards are: Leaders: Rusal and Hydro Transitioning: Rio Tinto, Alcoa and Mytilineos Laggards: Hindalco, Century Aluminum and all other listed and non-listed aluminium producers (which do not provide emission data and emissions reduction targets), equating to >50% of global supply.
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