What's Happening?
The UK steel industry has welcomed a new agreement from the COP30 climate conference in Belém, Brazil, which sees global producers adopt a common approach to measuring greenhouse gases and classifying
low-carbon steel. ResponsibleSteel, along with Germany's Low Emission Steel Standard and China's Low-carbon Emission Steel Standard, signed partnership agreements covering 60% of the world's steel production. The agreement aims to align classifications between regions, allowing low-emission steels to be compared and traded globally, creating clarity for buyers, investors, and policymakers.
Why It's Important?
The agreement is a significant step towards reducing greenhouse gas emissions from steel production, a major contributor to global carbon emissions. By standardizing classifications, the agreement facilitates global trade and investment in low-carbon steel, supporting efforts to transition to a more sustainable economy. The UK steel industry, awaiting the government's 'Plan for Steel', sees this as an opportunity to align with global standards and enhance its competitiveness. The agreement also highlights the importance of international collaboration in addressing climate change and promoting sustainable industrial practices.
