CB BureauOn December 1, a new global initiative to build market demand for net-zero emissions steel, called SteelZero, was launched in Copenhagen, Denmark. This initiative has support from major steel-using organisations, including Ørsted. The current list of members can be found here.
Run in partnership with ResponsibleSteel, the new initiative comes from The Climate Group, an international non-profit, which has been involved in multinational campaigns that build corporate demand for renewables (RE100) and electric vehicles (EV100). Organisations that join SteelZero have to make a public commitment to procure 100 per cent net-zero steel by 2050, with an interim commitment for 2030 and various options to achieve this.
The steel industry contributes about 7 per cent of global carbon emissions, making it one of the biggest emitters of carbon. This is projected to grow by almost 40 per cent by 2050. Zero-emissions steel will be critical in the fight against global warming and decarbonising the steel sector and value chain. By targeting net-zero steel from the demand side of the supply chain, there is potential for significant impact on investment, policy, manufacturing and production in the sector.
SteelZero will aim to encourage action and support organisations in their journey to net-zero steel through measures such as working groups to assist them in developing a roadmap towards net-zero steel and fostering low-carbon innovation and collaboration across the steel value chain.
In a press release, Jenny Chu, Head of Energy Productivity Initiatives at international non-profit The Climate Group, said, ‘The steel industry is one of the largest contributors to climate change. We need to see much greater investment and progress to cutting emissions, but steelmakers also need to know their customers will buy new, cleaner products. By harnessing the collective purchasing power and influence of major steel-using organisations, SteelZero will send a critical demand signal that can shift global markets and policies towards sustainable production and sourcing of steel.’