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Global steel industry urged to safeguard future in face of climate change - GIC

Steel News - Published on Tue, 19 Feb 2019

Image Source: The New York Times
More than 250 institutional investors representing over USD 30 trillion in assets urge steel sector to set out decarbonisation strategies to guard against climate-related risks. The investor group argues steel companies must significantly scale up investment in technologies that will enable them to decarbonise operations in line with the Paris Agreement, warning that failure to keep pace with necessary greenhouse gas reductions could expose them to significant risks. The call comes in a new report issued by the four investor networks that make up the Global Investor Coalition on Climate Change.

The report highlights how global steel production accounts for 7% of the world's total greenhouse gas emissions. As such, it argues growing policy and market responses designed to meet the Paris Agreement goals will expose steel firms to significant risks if they fail to anticipate and keep pace with necessary reductions in emissions.

Stephanie Pfeifer, CEO at the Institutional Investors Group on Climate Change (IIGCC), said that while some steel sector innovations and pilot projects were being carried out worldwide to boost energy efficiency, no steel company has yet set long-term emissions intensity targets through to 2030 and beyond. She said "The steel sector still needs to reduce its greenhouse gas emissions dramatically and this will only happen with significant technological innovation. This can be expected to be a key focus of investor engagement in shaping the robust, responsive and resilient business strategies required in the face of climate change."

The report was produced by the IIGCC with lead authors Aegon Asset Management and Kempen Capital Management. The other three investor networks backing the report include Ceres, the Investor Group on Climate Change, and the Asia Investor Group on Climate Change (AIGCC).

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Posted By : Ratan Singh on Tue, 19 Feb 2019
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