Investor roundtable on steel decarbonisation

Steel is an emission intensive commodity widely used in society and responsible for 7-9% of global greenhouse gas emissions. Decarbonisation of the steel industry is crucial to the overall green transition. As global steel demand is projected to increase by 40% by 2050, the need for a rapid decarbonisation of the industry is pressing.

The decarbonisation of the steel industry poses both risks and opportunities for investors. There is overhanging regulatory risk and at the same time a strong need for financing of emerging technologies. Lue lisää “Investor roundtable on steel decarbonisation”

67 organisations call on banks to cease financing metallurgical coal

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

It’s time companies use their purchasing power to decarbonise the polluting steel industry

Photo by Ant Rozetsky / Unsplash

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”

New industry-led “standard” for low-emissions steel slammed as EU-US trade deal looms

Photo by Karan Bhatia / Unsplash

Press release

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”

Stop funding fossil fuels, Nordea demonstration

Mielenosoittajia Nordean pääkonttorin edessä
Mielenosoittajia Nordean pääkonttorin edessä kansainvälisenä Defund Climate Chaos -toimintapäivänä 29.10.21, Kuva Satu Söderholm

Since the adoption of the Paris climate agreement, Nordea has poured 12.4 billion euros into fossil fuel companies – such as the fossil company Fortum, one of Europe’s biggest emitters.

Nordea has committed to net-zero in 2050. However, distant promises are not enough and we are demanding meaningful action now. Nordea’s new climate policy is not aligned with the Paris Agreement.

We demand that Nordea:

  • Phases out existing financing for coal
  • Ends financing for all projects that expand fossil fuels
  • Commits to drop clients that don’t align with 1.5C

Join Stop funding fossil fuels, Nordea! demonstration at the company’s headquarters (Satamaradankatu 5, 00580 Helsinki) on the 29th October at 8.30-9.30 am. The demonstration is part of the international #DefundClimateChaos action day.
Before the demonstration, there will be an online briefing on Nordea’s role in the climate crisis on 26 October at 5-6 pm. You can participate even if you can’t make it to the demonstration but are interested in learning more.

The conveners of the demonstration are Hiilivapaa Suomi, Fridays For Future Finland, 350 Suomi, Friends of the Earth Finland and XR Finland.

Joint Press Release: Fortum/Uniper’s partner Pieridae attempts to silence activists

Goldboron työmaa
Goldboron työmaa. Kuva Ken Summers.

Canadian company threatens to take legal action against Campaigners Reaction on letter to Trudeau and other politicians on LNG subsidies Energy utilities Fortum and Uniper involved in Pieridae‘s LNG business Lue lisää “Joint Press Release: Fortum/Uniper’s partner Pieridae attempts to silence activists”

Fortum/Uniper leave Finnish government red-faced due to Paris-incompatible strategy

Hiilivapaan aktiiveja Fortumin plogging tapahtumassa "Unohtuiko omat roskat" kyltin kanssa.
Hiilivapaan aktiiveja Fortumin plogging-tapahtumassa.

Finnish majority state-owned energy company Fortum/Uniper has confirmed in its new strategy released today that it does not intend to align its business with the goals of the UN Paris climate agreement, opting instead to track inadequate national government coal phase-out plans, in defiance of the requirements of its majority shareholder.

Lue lisää “Fortum/Uniper leave Finnish government red-faced due to Paris-incompatible strategy”

Fortum defends coal power at their AGM by emphasising emissions trading

Pekka Lundmark
Fortumin toimitusjohtaja Pekka Lundmark liioitteli päästökaupan roolia hiilen alasajossa. Kuva: Arno Mikkor CC BY 2.0.

Fortum failed yet again to address the concerns of civil society and environmental organisations in this year’s AGM. The Finnish state-owned company did not properly comment on its subsidiary Uniper’s new coal plant, its emissions in Russia or other fossil fuel investments, which will lock Fortum and Uniper into polluting energy production for a decades.

Lue lisää “Fortum defends coal power at their AGM by emphasising emissions trading”

Fortum’s Annual General Meeting did not signal willingness to close Uniper’s coal plants

Coal power plan in North Rhine-Westphalia, Germany

While Finland is gearing up to the national elections (taking place 14.4.) that are finally dominated by climate change, it is important to ensure we do not ignore the developments in the Finnish corporate world right under our noses. The slowly unveiling corporate takeover on Uniper by the Finnish majority state-owned company Fortum is important to follow vigilantly. And, in particular, how Fortum intends to tackle the elephant in the room: Uniper’s enormous emissions. Lue lisää “Fortum’s Annual General Meeting did not signal willingness to close Uniper’s coal plants”

Voting for coal-free Finland – here’s how

Finland will hold municipal elections on 9.4. The new council members will, among other things, be responsible for decisions on climate change mitigation and energy production. In many Finnish cities the energy production companies are owned by the municipality, giving the council members a chance to guide them to exchange coal, peat and other fossil fuels for renewable energy and energy effiency and savings. With the climate crisis at hand, big decisions must be made during the upcoming council period.

Coal-free Finland campaign has asked candidates in six major cities – Helsinki, Espoo, Vantaa, Tampere, Turku and Jyväskylä – to commit to steering their city free of coal and peat use. Several candidates in different parties have responded positively. Now it’s the time for voters to show their support for candidates dedicated to sustainable climate policies.

Here’s how you can help:

  1. Check your eligibility to vote on the official election site. In Finland it is possible to vote in municipal elections even if you are not a Finnish citizen, if certain criteria are met.
  2. Pick a candidate who has made a commitment to advocate against coal and peat. You can find such candidates in our six campaign cities here. On that page, 1) pick the mucipality, 2) optionally, choose the party whose candidates you want to see, 3) click ”Hae ehdokkaita”.
  3. Discuss elections with friends and family, and encourage them to use their right to vote. Let them know about candidates who support the Coal-free Finland campaign goals.
  4. If needed, check the official voting instructions.
  5. Cast your vote on Sunday 9th!

Thank you for helping move Finland beyond coal!

Read more about the campaign and energy issues in Finland: Coal-free Finland in English.