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ArcelorMittal, the world’s second-largest steelmaker, is failing in its claim to be a leader on climate change, having spent just one third of the USD1.5 billion figure it pledged to invest in decarbonisation over the past three years, according to a new report from advocacy group SteelWatch.
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ArcelorMittal does not live up to its own shiny claims of climate leadership because it is not on track to deliver the transformation needed to limit climate change to 1.5C, it is backtracking on its own stated commitments, and prioritising shareholders over decarbonisation in its financial decisions.
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Description: This commentary is elaborated based on the article published in Japanese on 9 January, 2024. Nippon Steel Corporation’s acquisition of US Steel in the final…
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Four prominent steel companies have announced plans to reline blast furnaces, which are used to produce coal-based steel, that will lock in CO2 emissions of almost 500 Mt. SteelWatch and Solutions forOur Climate (SFOC) shed light on the alarming investments made by steel companies in coal-based steel production, driving millions of additional tonnes of emissions and running counter to their nations’ climate pledges. The commentary underscores the pressing necessity for transitioning to greener alternatives and intensifying climate scrutiny in investment choices to steer clear of coal-based steel production. It also underscores the implications for these companies’ competitiveness and the planet’s stability.
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Notice of briefing on the urgency of phasing out the use of coal in steelmaking Steelwatch, a new civil society organization aiming to decarbonize the steel industry, held a special briefing for Asian media on July 11, introducing the organization and presenting its first report, Steelwatch. Announcing an end to the use of coal in production.
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The steel industry, which is responsible for 7-9% of global CO2 emissions, is facing increasing pressure to clean up its act and ditch its reliance…
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SteelWatch director Caroline Ashley challenges the complacency and greenwashing we hear from steel companies about decarbonisation. She sets out the urgency we need for any hope of Paris alignment and introduces SteelWatch.
