United Company RusAl, the world's largest producer of aluminum and alloys, said Tuesday it would invest $1.4 billion on modernization schemes aimed at reducing its environmental impact in 2007-2013.
The company said in a statement on its Web site that under a new program, "Climate Change initiative Paving The Way To A Safer World," modernization of UC RusAl's subsidiaries will help halve the company's greenhouse gas emissions by 2015.
The statement said: "This initiative is part of UC RUSAL's wider strategy to secure its dynamic development as an energy and metals corporation with the Company's operations based on the principles of sustainable development."
UC RusAl signed a memorandum of understanding on Tuesday with the United Nations Development Program for the program.
UC RusAl says that since 2000, it has invested over $1 billion in environmental programs.
United Company RusAl was established in March 2007 through a merger of Russian aluminum giants RusAl and SUAL and Swiss Glencore's alumina assets. UC RusAl accounts for 12.5% and 16% of the global aluminum and alumina markets, respectively. The company, which has 100,000 employees, has offices in 17 countries on five continents.
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