ArcelorMittal Publishes Second Climate Advocacy Alignment Report
ArcelorMittal is committed to leading the decarbonisation of the steel industry and understands that collaboration is central to achieving this. For this reason, in its Climate Advocacy Alignment Report, the company maps the policy positions of the 61 associations of which it is a member, against the objectives of the Paris agreement and the five policy priorities outlined in its second Climate Action Report, which are:
Measures to incentivize the production of zero carbon emissions steel e.g. emissions trading systems, carbon taxation
Fair and competitive market conditions to avoid carbon leakage e.g. carbon border adjustment mechanisms
Financial support to make long-term investments e.g. carbon contracts for difference
Access to sufficient, affordable clean energy
Measures to incentivise the consumption of zero carbon emissions steel
Since the company’s first report, in May 2020, there has been significant alignment improvement in the positions of various key trade associations. The Company will continue to engage with stakeholders, including its membership associations, to drive further alignment with the goals of the Paris Agreement and encourage their proactive contributions to the five policy priorities the Company has identified.
In 2021, ArcelorMittal announced a 2030 global CO2e intensity reduction target of 25% and increased its European 2030 CO2 intensity reduction target to 35% in its second group Climate Action Report. The Company had previously, in September 2020, announced its ambition to reach net zero by 2050. The report detailed several of the projects the Company is undertaking to reach its 2030 reduction target. These include plans to create the world’s first zero carbon emissions steel plant in Sestao, Spain and convert its Canadian flat steel operations to DRI-EAF steelmaking through a CAD$1.8 billion investment which will reduce CO2 emissions by 60%.
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