Market Data
December 7, 2023
Steel Standards Principles introduced at COP28 in Dubai
Written by Laura Miller
A group of organizations and stakeholders introduced a set of Steel Standards Principles at the COP28 UN Climate Change Conference. The event is being held in Dubai and runs from Nov. 30 through Dec. 12.
The group of 42 steel producers, industry associations, standard-setting bodies, and international organizations developed the principles, which call for establishing common methodologies to measure greenhouse-gas emissions in the steel sector.
Included among the organizations endorsing the principles are the Steel Manufacturers Association (SMA), Nucor Corp., SSAB, ArcelorMittal, BlueScope Steel, JSW Steel, the World Steel Association, H2 Green Steel, ResponsibleSteel, Boston Metal, and the World Trade Organization (WTO).
Some of the principles state:
- A common understanding of existing and emerging definitions for near-zero emissions steel production is needed.
- Emission measurement standards for steel products and production should drive the decarbonization of the global steel industry through performance-based measures that are technology agnostic.
All the principles and the endorsing organizations can be found on the WTO website.
The organizations acknowledge “that different methodologies may be needed at the project, production, and product levels, but that interoperability between them will drive faster decarbonization of the steel industry globally.”
The director-general of the WTO, Ngozi Okonjo-Iweala, welcomed the introduction of the principles, noting that, “Fragmented and uncoordinated trade policies make it harder for the steel industry to decarbonize. They add uncertainty for producers, hamper cross-border movement of green technologies and inputs, and slow investments in clean technology.”
