Banking giants team up to accelerate net-zero transition for steel industry
Six leading lenders to the steel industry - ING, Citi, Goldman Sachs, Societe Generale, Standard Chartered and UniCredit - have created a new working group focusing on decarbonisation.
Steel manufacturing is accountable for around 7% of global emissions from fuel use
Called the Steel Climate-Aligned Finance Working Group, the panel will consist of senior representatives from each bank’s metals and mining teams, as well as sustainability and climate professionals. They will work together to develop a financing agreement, to be signed by all member firms and other banks and investors, that is aligned with the Paris Agreement.