The Steel and Concrete Transformation: 2024 market outlook on lower emission steel and concrete report, Sep 2024
This report, jointly published by Climate Group and Ramboll, reveals nearly half of companies surveyed globally are ready to pay a premium for lower emission steel and concrete. With steel and concrete production accounting for 15% of global emissions, their urgent decarbonisation is critical to achieving our climate goals and protecting our planet for generations to come.
Key highlights:
- Research indicates growing momentum for green corporate procurement.
- Respondents stated there were key barriers, such as cost, industry conservatism, and lack of knowledge, to green procurement which need to be overcome.
- Businesses were clear that governments have a significant role to play in supporting them, with financial levers, carbon pricing, and minimum product standards or embodied carbon limits among those seen as most critical.
- There are encouraging signs that businesses expect the transition towards lower emission materials to be inevitable, with 78% of respondents stating they expect lower emission steel and concrete will be standard materials for new products or projects within the next decade.
Commitment Framework v1.1, June 2024
Following consultation with our members, we've updated our commitment framework. This document guides the updated criteria and pathways through which steel procured can qualify as meeting our 2030 interim commitment:
Long-term commitment: Commitment to [procuring/specifying/stocking] 100% of steel requirement as net zero steel by 2050, at the latest.
Interim commitment: Commitment to [procuring/specifying/stocking] a minimum of 50% of steel requirement by 2030, meeting one or a combination of the following conditions:
- Steel produced by a steelmaking site where the steelmaker has a science-based emissions target.
- ‘Lower emission steel’ (aligning with ResponsibleSteel Decarbonisation Progress Level 2)
Policy principles to speed up the global transition to net zero steel
The SteelZero global policy positions sets out the six clear policy principles that governments must adopt to support the global decarbonisation of the steel industry.
The report calls on government decision makers to:
- Promote a global standard and definition on what low emission and net zero steel is
- Support the public sector in using low emission and net zero steel in current and future projects
- Get businesses to measure and report on the carbon emissions associated with the steel they use
- Encourage better use of steel in the first place while ensuring that steel can be easily recycled
- Set expectations on what's needed from steelmakers to drastically cut carbon emissions
- Create a level playing field for net zero steel in global markets.
India net zero steel demand outlook report
This report gives a deep dive into the sectors driving domestic consumption of net zero steel in India and the factors which will drive this demand in the coming decade.
The report also highlights the economic and decarbonisation opportunities available to Indian steelmakers today and makes a case for the adoption of low carbon technologies for steel production.
