Mining giant Rio Tinto Ltd
(ASX:RIO) has sold its 50% stake in Hydrogen Energy International, which owns an interest in the Hydrogen Power Abu Dhabi project to BP and instead has turned its focus to a project in California in the US.
Rio says it plans to focus the majority of its investment in carbon capture and storage technology on the Hydrogen Energy California project.
The proposed new hydrogen-powered electricity facility will capture and store most of its carbon related emissions to produce clean electricity.
Rio says that the Abu Dhabi project is a ground-breaking and important project based on gas feedstock, but it prefers to focus on projects with solid fuel feedstocks which are better aligned with its other businesses.
Rio says it is committed to the development of carbon capture and storage and the need for action on climate change, and it supports a strong binding international agreement on climate change that will address both environmental challenge, as well as provide greater certainty for investment decisions.
Rio’s net profit after tax for 2008 was $5.3 billion.
