Some of the world’s leading steelmakers have produced a set of clear recommendations for adopting science-based targets (SBTs) for the industry’s road to net-zero in a report titled “The Net-Zero Steel Pathway Methodology Project: Final Report and Recommendations” (NZSPMP report) published in July 2021.
The report, produced by an international group of major steelmakers together with the World Steel Association and ResponsibleSteel, sets out a framework for developing robust guidance for those in the sector who wish to make a realistic and credible commitment to the Paris Agreement, with a net-zero or ‘science-based target’. The key recommendations for greenhouse gas (GHG) emissions reduction targets are:
1: Differentiate between primary and secondary steel
2: Set a consistent scope and system boundary
3: Establish a consistent steel sector budget and trajectory
4: Acknowledge the GHG emissions reduction from using co-products made by the steel industry
5: Integrate the influence of regulatory policy when setting a science-based target
6: Leverage existing standards and methods into a dedicated steel sector decarbonisation approach for more consistent target setting
7: Develop unambiguous guidance for companies making different types of steel products Fifteen of the world’s largest steelmakers, including ArcelorMittal, GFG Alliance, Tata Steel and BlueScope Steel, contributed to the report over the last year in order to produce these recommendations which will help the steel industry set ambitious net-zero carbon targets.
The recommendations set out in the NZSPMP report are a significant step to help guide steelmakers to become more consistent in how they measure and set company level GHG emissions reduction targets.
To download the report, go to: netzerosteelpathwayproject.com
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