Steel production accounts for around 7% of worldwide energy-related CO2 emissions, making it the largest contributor to industrial emissions. The steel industry will make a vital contribution to the construction of infrastructure and products that will enable the transition to net zero.
Steel facilities have long lifetimes, meaning that 2050 is only one investment cycle away. Global steel transformation must begin in the 2020s and key low-carbon technologies are ready for deployment. Risks include investing in projects that will rapidly become stranded.
The global steel sector has reached a fork in the road. Before 2030, 71% of existing coal-based blast furnaces will require major reinvestment. This presents countries with a narrow window to implement the policies required for the steel sector to transition to net zero. Massive investment is needed to develop and roll out low-carbon steelmaking technologies to transform the sector.
In this webinar the following points will be discussed;
Scientific standards, such as the Climate Bonds Standards and sector-specific eligibility Criteria, will guide investment in credible transition activities.
Fabiana Contreras, Senior Sustainability Analyst, Climate Bonds Initiative
Fabiana Contreras is a Senior Sustainability Analyst, part of the standards team at Climate Bonds Initiative. She led the effort that resulted in the publication of the Steel Eligibility Criteria of the Climate Bonds Standard & Certification Scheme, co-ordinating the technical experts and undertaking research for the development of screening criteria for the sector to transition to Paris aligned goals.
Fabiana joined Climate Bonds in 2021, bringing in 9 years of experience working as a project engineer and consultant in the corporate, oil, gas and chemicals sector, and later as an ESG impacts researcher of supply chains of agricultural commodities and critical materials for the energy transition. She has an MSc In environment and resource management from Vrije Universiteit, Amsterdam and a BSc in mechanical engineering from the Simón Bolívar University in Venezuela.
Fabio Passaro, CFA, Transition Policy Analyst, Climate Bonds Initiative
Fabio Passaro, CFA, is the Transition Policy Analyst at Climate Bonds Initiative. Fabio leads the steel and cement transition policy work steam, develops policy blogs, briefs, and reports on the net-zero transition, promoting the role of sustainable finance in meeting climate targets.
He has authored A Green Future for Steel, outlining how EU policymakers can enable the net-zero transition of the EU steel sector and how specific EU policies can be strengthened to best deliver a credible transition and A Fork in the Road for the Global Steel Sector, describing how this decade offers a perfect opportunity for the global steel industry to transition and how specific policies can support the sector's decarbonisation.
He is an energy transition and governance graduate from the Centre International de Formation Européenne.
Fabrizio Palmucci, CFA, Senior Advisor, Climate Bonds Initiative
Fabrizio is a Senior Advisor at the Climate Bonds Initiative. Fabrizio is focused on mobilising capital towards companies and projects that feature credible, Paris-aligned, transition plans and projects.
He works with issuers, originating banks as well as investors to reduce market friction and improve risk differentiation for transition and green investments. He has spent close to 20 years in the fixed-income buy-side space in different roles, trading, credit analysis and strategy and with several firms from boutique to tier one assets managers and rating agencies.here