What's Happening?
The UK steel industry has welcomed a new agreement from the COP30 climate conference in Belém, Brazil, which aims to standardize the measurement of greenhouse gases and classifications of low-carbon steel globally.
Three major steel certification and standards bodies, including ResponsibleSteel, have signed partnership agreements with Germany's Low Emission Steel Standard and China's Low-carbon Emission Steel Standard. These agreements cover 60% of the world's steel production and are expected to create a more level playing field for steel classifications, allowing low-emission steels to be compared and traded globally. This initiative is a step towards reducing greenhouse gas emissions from primary steel production, which is made from iron ore.
Why It's Important?
The alignment of steel classifications and standards is significant for the global steel industry, as it facilitates the trade of low-carbon steel and provides clarity for buyers, investors, and policymakers. This move supports the industry's efforts to reduce its carbon footprint and transition towards more sustainable practices. The agreement also highlights the importance of international cooperation in addressing climate change and reducing emissions. As the demand for steel continues to grow, these efforts are crucial for ensuring that the industry can meet global needs while minimizing environmental impact.
