The full report can be accessed here.
The Climate Advocacy Alignment Report maps the policy positions of the 61 associations of which the Company is a member, against the objectives of the Paris agreement and the five policy priorities ArcelorMittal outlined in its second Climate Action Report, which are:
- Measures to incentivise the production of zero carbon emissions steel e.g. emissions trading systems, carbon taxation
- Fair and competitive market conditions to avoid carbon leakage e.g. carbon border adjustment mechanisms
- Financial support to make long-term investments e.g. carbon contracts for difference
- Access to sufficient, affordable clean energy
- Measures to incentivise the consumption of zero carbon emissions steel
Since the Company’s first such report, published in May 2020, there has been significant alignment improvement in the positions of various key trade associations.
ArcelorMittal is committed to leading the decarbonisation of the steel industry and understands that collaboration is central to achieving this. The Company will continue to engage with stakeholders, including its membership associations, to drive further alignment with the goals of the Paris Agreement and encourage their proactive contributions to the five policy priorities the Company has identified.
In 2021, ArcelorMittal announced a 2030 global CO2e intensity reduction target of 25% and increased its European 2030 CO2e intensity reduction target to 35% in its second group Climate Action Report. The Company had previously, in September 2020, announced its ambition to reach net zero by 2050. The report detailed several of the projects the Company is undertaking to reach its 2030 reduction target. These include plans to create the world’s first zero carbon emissions steel plant in Sestao, Spain and convert its Canadian flat steel operations to DRI-EAF steelmaking through a CAD$1.8 billion investment which will reduce CO2 emissions by 60%.