SynopsisThe World Economic Forum (WEF) is initiating the 'Near-Zero Steel 2030 Challenge' to encourage global businesses to commit to producing and procuring near-zero emissions steel by 2030. This challenge, sponsored by the WEF's First Movers Coalition, aims to address emissions in the steel industry, one of the hardest sectors to decarbonize. It will connect steel purchasers with capable producers and link steel suppliers with climate tech companies specializing in enabling technologies. The goal is to have FMC steel members purchase at least 10 percent of their steel as near-zero emissions steel by 2030.AticleIn a significant move during New York Climate Week, the World Economic Forum (WEF) has launched the 'Near-Zero Steel 2030 Challenge,' urging businesses worldwide to commit to producing and purchasing near-zero emissions steel by 2030. This initiative is backed by the WEF's First Movers Coalition (FMC), a collective of global companies dedicated to leveraging their purchasing power to foster early markets for innovative clean technologies. These efforts target some of the most challenging sectors to decarbonize, including aviation, shipping, trucking, and steel production.The challenge will be hosted on the Greenhouse Challenge Platform, provided by Greenhouse, a climate action ecosystem in Australia. The platform serves as a transparent marketplace for thematic challenges addressing climate change, with companies such as HolonIQ already utilizing its capabilities.The primary objective of this initiative is to bridge the demand and supply sides of the steel industry. It will connect companies interested in procuring near-zero steel with those capable of producing it. Additionally, it will facilitate connections between steel suppliers and climate tech companies specializing in vital enabling technologies like hydrogen, renewable energy, and carbon capture. This integrated approach aims to create a supply chain for near-zero emissions steel.As part of the challenge, FMC steel members are committing to purchasing a minimum of 10 percent of their steel as near-zero emissions steel by 2030. This commitment underscores the industry's dedication to reducing its carbon footprint.Mark Rowland, Chief Collaboration Officer of Greenhouse, emphasized the potential impact of near-zero steel on global greenhouse gas emissions, emphasizing the need for technological advancements and collective commitment.Nancy Gillis, Programme Head of the First Movers Coalition, highlighted the significance of the challenge in sending a strong demand signal to the steel industry for near-zero emissions steel. It aims to connect steel suppliers with innovative technologies to support their decarbonization efforts.The steel industry is a major energy consumer, responsible for 5.9 percent of global energy consumption and emitting 6 to 9 percent of global CO2 emissions. The 'Near-Zero Steel 2030 Challenge' will officially launch during New York Climate Week, calling for submissions from companies willing to purchase near-zero steel and those ready to supply it.In conclusion, the WEF's 'Near-Zero Steel 2030 Challenge' represents a crucial step toward reducing emissions in the steel industry. By fostering collaboration between stakeholders, this initiative aims to accelerate the adoption of near-zero emissions steel, contributing to global efforts to combat climate change.