We’ve joined a new industry initiative to reduce carbon emissions in the steel sector

London – Standard Chartered announced today that it has become a founding signatory to the Sustainable STEEL Principles (“SSP”), the first climate-aligned finance agreement for the steel industry that will see signatories measure and disclose their steel-related loan emissions.

The SSP is designed to support the practical achievement of net-zero emissions in the steel industry, as well as providing the tools necessary for client engagement and advocacy.

Steel is used in everything from fridges to buildings and is a key component in the construction of electric vehicles, wind turbines and essential infrastructure needed to support the energy transition and a low-carbon future. However, because of the sector’s reliance on metallurgical coal, it contributes seven per cent of CO2 emissions globally. With demand for steel projected to grow thirty per cent by 2050, emissions are set to rise significantly if we continue with business as usual.

Richard Horrocks-Taylor, Global Head, Metals & Mining at Standard Chartered Bank, said: “We are proud to be a founding member of the Sustainable Steel Principles Working Group and help lead the way in supporting the steel industry’s decarbonisation journey and a just transition where developing countries can continue to grow whilst meeting climate objectives.”

Signatories to the SSP represent a combined bank loan portfolio of approximately $23 billion in lending commitments to the steel sector, for a market share of over eleven per cent of total private sector steel lending, according to RMI research.

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For further information please contact:

Mark Roberts

Executive Director, Corporate Affairs, Brand & Marketing, Europe and Americas

Standard Chartered Bank

Tel: +44 (0)7788 654 564

Email: Mark.Roberts@sc.com