Six international banks Citi, Crédit Agricole CIB, ING, Sociéte Générale, Standard Chartered and UniCredit have pledged to start recording and reporting emissions data from next year, signing up to a set of sustainable steel principles developed in partnership with non-profit research organisation RMI. The principles apply to revolving credit facilities, export finance transactions and working capital facilities, but their application to letters of credit bank guarantees and factoring programmes is voluntary. RMI said“Signatories to the principles represent a combined bank loan portfolio of approximately USD 23 billion in lending commitments to the steel sector, for a market share of over 11% of total private sector steel lending.”The agreement is based on the Poseidon Principles, a 2019 agreement between banks and shipping companies to integrate vessel emissions data into financing arrangements. Signatories are now providing more than USD 1 billion per year in sustainability-linked loans under that agreementAlthough only initially applicable to banks, the principles will explore the inclusion of export credit agencies, and consider expanding to include capital markets activity. ING and Standard Chartered led the working group that developed the principles, with the other four banks joining as participants. Allen and Overy provided legal counsel, and metals intelligence company CRU provided data and analysis.