Synopsis:
At COP28, the World Trade Organization welcomed the Steel Standards Principles. These guidelines, endorsed by various bodies, aim to unify measuring greenhouse gas emissions in the steel sector. With the industry accounting for 8% of global emissions, achieving a 90% reduction is crucial. The initiative seeks to establish common methodologies, fostering eco-friendly technology adoption and reducing trade barriers.
Article:
Amid the COP28 conference, the World Trade Organization embraced the Steel Standards Principles, an alliance among standard-setting entities, international organizations, and steel producers. These principles aim to address the staggering 8% global greenhouse gas emissions contributed by the iron and steel sector, emphasizing the necessity of slashing these emissions by at least 90% to meet climate objectives.
The shared goals of the Steel Standards Principles encompass the establishment of standardized methodologies for measuring greenhouse gas emissions in the iron and steel industry. This harmonization aims to expedite the transition to nearly zero emissions, encouraging the adoption of innovative eco-friendly technologies and products. The initiative further targets mitigating trade obstacles arising from conflicting measurement standards.
During the COP28 roundtable, the Director-General of WTO expressed support, highlighting the challenges posed by fragmented trade policies hindering the steel industry's decarbonization. Over 35 key stakeholders, including major steel producers and industry associations, endorsed the Steel Standards Principles, recognizing the urgency and significance of standardization.
Annie Heaton, CEO of ResponsibleSteel, emphasized the need for a common framework to evaluate steel's carbon emissions, crucial for driving global industry decarbonization. Nicola Davidson from ArcelorMittal emphasized the importance of defining low-carbon steel and recognizing the diverse carbon footprints of different steel types.
The Principles underscore the necessity for collaborative dialogues among developed and developing economies, governments, industry players, and policymakers. Leveraging existing frameworks like the International Energy Agency's Net Zero Principles, the Principles aim to refine emissions standards landscape and align with WTO's TBT Agreement Code of Good Practice.
The Business and Philanthropy Climate Forum at COP28, co-organized by the Sustainable Markets Initiative and WTO, spotlighted the potential for emissions-intensive sectors to collaborate similarly.
Conclusion:
The launch of the Steel Standards Principles at COP28 signifies a pivotal step towards unifying measurement standards in the steel industry. Collaborative efforts among stakeholders, endorsed by global bodies, aim to foster a common framework for measuring emissions, crucial for steering the steel sector towards decarbonization.
