{"id":31909,"date":"2024-03-26T00:12:30","date_gmt":"2024-03-25T23:12:30","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=31909"},"modified":"2024-10-03T12:13:14","modified_gmt":"2024-10-03T10:13:14","slug":"steeling-our-future-the-banks-propping-up-coal-based-steel","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2024\/03\/26\/steeling-our-future-the-banks-propping-up-coal-based-steel\/","title":{"rendered":"Steeling our future: The banks propping up coal-based steel"},"content":{"rendered":"

The iron and steel sector has a heavy climate impact, accounting for 11% of global CO2 emissions. Decarbonizing the steel sector is key to respond to the climate emergency. The climate impact of the steel sector is primarily due to its reliance on metallurgical coal for its production. Indeed, almost 90% of steel sector emissions are attributed to the coal-based route. As new technologies that do not rely on metallurgical coal develop, studies show that coal can be phased out of steelmaking in the early 2040s. This requires immediate action from banks. <\/strong><\/p>\n<\/div>

<\/div><\/div><\/span>

Key findings:<\/h2><\/span>
<\/div><\/div><\/div>
<\/div><\/div>

Banks provided<\/strong><\/p>\n<\/div>

US$<\/span>0<\/span><\/div>
<\/div><\/div><\/div><\/div>

billion to the 100 biggest steel producers.<\/strong><\/p>\n<\/div><\/div><\/div>