The Global Steel Climate Council (GCSS) has published a new protocol titled the Steel Climate Standard, which aims to measure and reduce the steel industry’s CO2 emissions.
The Steel Climate Standard is a detailed, comprehensive framework that is set to become the benchmark for decarbonizing the steel industry around the world.
Founded on five fundamental principles (scientific, quantitative, comprehensive, principled, and transparent), the Standard provides criteria for the assessment and certification of products made from steel based on their emissions intensity.
In turn, for this criteria to be exhaustive, it defines a very clear boundary for Scope 1, 2 and 3 emissions sources.
With the help of said criteria, companies will be able to calculate the carbon intensity of hot rolled steel in tons of CO2 equivalent (CO2e) per ton of hot rolled steel, which must then be verified by a third party in accordance with established ISO standards.
Companies can choose to certify however many of their steel products as they see fit and have them clearly labeled as lower-carbon steel products, thus providing transparency for consumers.
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The Steel Climate Standard approach is rooted in science-based emissions targets that aim to help companies transition to more sustainable, lower-carbon practices, and are in alignment with the IEA’s projections for 2050.
With that said, however, the Standard requires participating companies have their climate targets reevaluated at least every 5 years.
The draft version of the framework was first published earlier this year with a public comment period for stakeholders.
And now that the official version is live, GSCC members will advocate for its adoption with government leaders and all other stakeholders.
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