ING, Citi, Goldman Sachs team up for net zero steel initiative
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Decarbonising steel is a major challenge for delivering net zero
Societe Generale, Standard Chartered, and UniCredit also join working group to help unlock finance to support green steel projects
Six global banks have teamed up in a search of solutions that could unlock the significant private sector investment required to decarbonise the global steel industry and establish a pathway towards net zero emissions for steelmaking over the next 30 years.
ING, Citi, Goldman Sachs, Societe Generale, Standard Chartered, and UniCredit have together formed a working group to explore how to tackle the climate impact of the steel sector, with a view to attracting more financial institutions to join the group in the run up to the crucial COP26 Summit in Glasgow later this year, the banks announced last week.
Banking giants team up to accelerate net-zero transition for steel industry
Six leading lenders to the steel industry - ING, Citi, Goldman Sachs, Societe Generale, Standard Chartered and UniCredit - have created a new working group focusing on decarbonisation.
Steel manufacturing is accountable for around 7% of global emissions from fuel use
Called the Steel Climate-Aligned Finance Working Group, the panel will consist of senior representatives from each bank’s metals and mining teams, as well as sustainability and climate professionals. They will work together to develop a financing agreement, to be signed by all member firms and other banks and investors, that is aligned with the Paris Agreement.