SynopsisH2 Green Steel, a Swedish industrial start-up, has been recognized as a Climate Solutions Company by the Exponential Roadmap Initiative. This acknowledgment validates the company's commitment to reducing emissions in steel manufacturing significantly. H2 Green Steel aims to lead the way in decarbonizing the steel industry by achieving a 95 percent reduction in emissions compared to traditional methods. Their innovative plant in Boden, Sweden, will combine green hydrogen, green iron, and green steel production, setting new standards for sustainability in the sector.ArticleIn a groundbreaking move, H2 Green Steel, a Swedish industrial start-up founded in 2020, has been honored as a Climate Solutions Company by the Exponential Roadmap Initiative. This recognition signifies a crucial step toward revolutionizing the steel manufacturing industry by substantially reducing emissions compared to conventional methods.The Exponential Roadmap Initiative, a partner of the UN-backed Race to Zero, is dedicated to accelerating climate action and solutions by scaling up innovative products, services, and projects. H2 Green Steel aligns perfectly with this mission, as it was established with the goal of expediting the decarbonization of the steel sector.To earn the distinction of a Climate Solutions Company, H2 Green Steel not only met the Exponential Roadmap Initiative's stringent criteria outlined in the 1.5°C Business Playbook but also surpassed additional benchmarks. Established companies often set ambitious greenhouse gas reduction targets for their existing operations. However, for a cleantech company like H2 Green Steel, which is building its operation from the ground up, different targets are more relevant.The Exponential Roadmap Initiative provides a framework for cleantech companies to screen and verify their ambitions and capacity to scale climate solutions exponentially. To qualify, a candidate must introduce a market offer that reduces emissions intensity by more than 50 percent compared to prevailing technology. In the case of H2 Green Steel, this reduction reaches an impressive 95 percent.Henrik Henriksson, CEO of H2 Green Steel, emphasized the company's commitment to science-based goals and the validation provided by the Exponential Roadmap Initiative. He stated, "When we start operations in Boden at the end of 2025, no other steel maker will have as small an environmental footprint as we do, but we hope all the others will follow quickly."H2 Green Steel is currently constructing the world's first large-scale green steel plant in Boden, Sweden. When operational, this plant is expected to achieve a carbon intensity of approximately 95 to 195 kg* of CO2 per tonne of steel, including Scope 1 and 2 emissions. This is a significant improvement compared to the approximately two tonnes of CO2 associated with blast furnace-based steel production.Remarkably, H2 Green Steel's timeline for starting green steel operations in late 2025 puts them ahead of the steel sector by approximately 15 years, based on the current Science Based Targets initiative's 1.5°C-aligned steel roadmap. The company hopes that its success will inspire others in the industry to expedite their efforts to reduce emissions.However, H2 Green Steel is not stopping at emissions reduction alone. In addition to its impressive impact on steel production emissions, the company has committed to several other criteria:Achieving a net-zero target for the Boden plant by 2040, encompassing both its own emissions (Scope 1 and 2) and those of its suppliers (upstream Scope 3).Cutting the carbon intensity of its products (Scope 1 and 2) in half by 2035.Accelerating decarbonization impact through the establishment of new sites and engagement in new industry verticals, leveraging green hydrogen production.Collaborating with organizations, including civil society, dedicated to advancing climate action.Johan Falk, CEO of the Exponential Roadmap Initiative, welcomed H2 Green Steel as a member and praised the company's commitment to climate solutions. He highlighted that over 90 percent of H2 Green Steel's income is derived from a climate solution that reduces emissions by an impressive 95 percent compared to conventional methods.H2 Green Steel's plant in Boden, Sweden, represents a pioneering initiative in combining green hydrogen, green iron, and green steel production. This innovative approach utilizes renewable electricity throughout the production process. The plant's large electrolyzer is set to produce the hydrogen required for the direct reduction-reactor process, where the bulk of emissions reduction occurs. The result is a significant reduction in carbon intensity, setting new standards for sustainable steel production.ConclusionH2 Green Steel's recognition as a Climate Solutions Company by the Exponential Roadmap Initiative is a significant milestone in the journey toward sustainable steel manufacturing. Their ambitious goals, commitment to reducing emissions, and innovative approach represent a beacon of hope for the industry. With their pioneering plant in Boden, Sweden, H2 Green Steel is not only reducing emissions but also setting an example for others to follow. Their dedication to science-based targets and collaboration with climate action organizations underscores their commitment to a greener future.