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Private financial institutions are stepping in to decarbonize steel

Shravan Bhat writes in GreenBiz about private financial institutions that are stepping in to decarbonize steel.

>>>Nucor Launches Carbon Free Steel<<<

The C3 Take
  • Steel is responsible for 7% of global greenhouse gas emissions.
  • The Steel Climate Aligned Finance Working Group, which is comprised by ING, Citi, and others, is looking to decarbonize the steel industry by investing in green steel operations.
  •  Steel makers have also been looking for ways to reduce emissions by investing in carbon capture, green hydrogen, and other technologies.
  • The private sector is leading the way in emissions reductions.

“Though the net-zero transition will not be easy for the steel finance community, it is an exciting time. Steelmakers are innovating to build and finance the next generation of steel plants. Whether it’s SSAB’s green hydrogen-based unit in Sweden or ArcelorMittal’s plans to invest about $1.2 billion in carbon reduction technologies at a plant in Belgium, global steelmakers will need their bankers to support them in the transition.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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