Our ambition is to reach net zero carbon emissions across our operations by 2050. In 2020, we announced new 2030 targets to reduce our absolute emissions by 15% and our emissions intensity by 30%. These targets are consistent with a 45% reduction in absolute emissions relative to 2010 levels and the Intergovernmental Panel on Climate Change (IPCC) pathways to limit temperature increase to 1.5°C. And they are supported by our commitment to spend approximately $1 billion on emissions reduction initiatives over the first five years of the ten-year target period.
Having divested the last of our coal businesses in 2018, we remain the only major diversified company in the industry not extracting fossil fuels. We will continue to execute our climate strategy.
Rio Tinto and Alcoa, with the support of Apple and the governments of Canada and Quebec, have joined forces on the most significant innovation in the aluminium industry in more than a century: aluminium smelting free from direct carbon emissions.
The ELYSIS joint venture is progressing the larger scale development and commercialisation of breakthrough technology that has the potential to reduce the environmental footprint of the aluminium industry on a global scale. In Canada alone, the ELYSIS™ technology has the potential to reduce greenhouse gas emissions by 7 million tonnes, the equivalent of removing 1.8 million cars from the roads.
The ELYSIS™ technology achieved production of commercial grade aluminium with the electrode materials performing as expected. The technology is being ramped up towards industrial scale and is expected to reach commercial maturity in 2024.