We are delighted to announce that CRU has been selected as the third-party provider of steel industry emissions data that will be recommended by the Sustainable Steel Principles Association to its Signatory banks. The Association will support the implementation of a set of bank-led commitments to adopt a common measurement and disclosure framework to support the steel industry in forging a pathway to net-zero carbon emissions. CRU will enable these commitments by covering close to all of global steel production, which is around 8% of the planet’s GHG emissions. Working with this framework and applying CRUs’ robust methodologies, lenders can rely on market-leading and industry-accepted data for their reporting.
CRU models steel mill costs and emissions from the bottom up, leveraging publicly available data and getting direct feedback from the mill owners. We have discussed our approach and data deliverable extensively with key industry players to ensure parties involved can trust the data and in turn, maintain credibility with their reporting.
CRU worked with the RMI and the five Working Group banks – ING, Société Generale, Citi, UniCredit and Standard Chartered – plus industry review panels over 12 months. We supported the development of this important framework which enables a thorough reporting process to be completed, which the industry needs moving forward.
CRU has supplied the mining, metals, and fertilizer sectors with independent expertise for over 50 years and we have developed unrivalled insights into the steel value chain. As market leaders of global carbon emissions data across steel, aluminium, base metals, and fertilizer value chains, we look forward to continuing to support the decarbonisation of hard-to-abate sectors.
The launch of this initiative will be on Friday, 23rd September in New York during Climate Week. If you wish to become a signatory or are interested to learn more about our work with RMI, please do get in touch with us.
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