COP 28 launches the „Principles of Standards for Steel”

At COP28, the „Principles of Steel Standards” were launched.

COP (Conference of the Parties) is a global climate conference. In which governments around the world agree on policies to combat climate change.

This year, the COP takes place in the United Arab Emirates between November 30 and December 12, 2023.

The Director General of the World Trade Organization, Ngozi Okonjo-Iweala, announced the launch of the Principles of Steel Standards. They aim to align the way greenhouse gas emissions are measured in the steel sector.

The announcement took place during the roundtable of the Business and Philanthropy Climate Forum at the UN COP28 Climate Change Conference.

Steel producers and industry associations recognize that the steel sector accounts for about 8% of global annual greenhouse gas emissions. And these emissions will need to be reduced by at least 90% for the sector to meet its climate goals.

Charles Michel pointed out that the EU has already reduced greenhouse gas emissions. A 30% reduction has been achieved compared to 1990 levels. The EU is determined to:

• to triple energy from renewable sources;
• to double energy efficiency.

He also stressed the need to end our dependence on fossil fuels as soon as possible.

’’PRINCIPLES OF STANDARDS FOR STEEL’’ CALL FOR THE ESTABLISHMENT OF COMMON METHODOLOGIES FOR THE STEEL SECTOR

Annie Heaton, CEO of ResponsibleSteel, a multi-stakeholder certification initiative, said: „The diversity of standards for measuring carbon emissions from steel makes assessing how one tonne of steel compares to another extremely difficult. The principles of steel standards lay the key foundations for a common framework that is needed to drive the decarbonisation of the industry globally.”

Nicola Davidson – ArcelorMittal, said: „The principles will help create broader alignments on how to define low-carbon steel. This is especially important in a steel sector.”

Industries such as steel need to retrain existing staff and train the next generation to enable this transition. Green steel offers the opportunity for the industry to reposition itself as a modern, clean sector where young people can build a career and make a real difference.

This radical transformation will in itself require significant contributions of renewable energy. Also, replacing existing production with new low-carbon technologies.