A global group of 67 organisations led by BankTrack and Reclaim Finance is calling on 50 of the world’s largest banks to end all financial support for new metallurgical coal production and expansion. Banks risk stranded assets and climate catastrophe in steel lending without metallurgical coal exclusions.
Coal-Free Finland / Friends of the Earth Finland has signed the letter.
→ Read the press release and the letter
This article originally published on SteelWatch Insights
Friends of the Earth Finland recently analysed whether companies that buy steel are using their power to encourage decarbonisation of this high-emissions product. Their new Scoreboard shows the companies are doing very little.
Companies are neglecting their supply chain emissions
For most companies, decarbonising the supply chain (upstream Scope 3) has become the priority area of action, dwarfing their own direct emissions. Steel is an input supplied to a myriad of companies, and is a carbon-intensive product (almost 2 tonnes of CO2 per tonne of steel). So by now we might expect steel buyers to be driving decarbonisation in the steel supply chain. Lue lisää “It’s time companies use their purchasing power to decarbonise the polluting steel industry”
Civil society organizations criticize GSCC certification for ignoring social and environmental impacts of steelmaking and lacking meaningful measures to reduce emissions
WASHINGTON, D.C. – Today civil society organizations published an open letter calling on policymakers, steelmakers, and buyers to disregard a recent “standard” released by the Global Steel Climate Council. The organizations argue that this standard, which was created to influence trade agreements, including a pending deal between the United States and European Union, favors the existing practices of a small fraction of steelmakers in wealthy nations rather than creates mechanisms to meaningfully decarbonize global steelmaking, and should be ignored in any government standards or trade agreements. Lue lisää “New industry-led “standard” for low-emissions steel slammed as EU-US trade deal looms”