Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced that the company supports The Steel Climate Standard. The Steel Climate Standard was published today by the Global Steel Climate Council (GSCC) to provide a technology-agnostic global standard to measure and report steel product greenhouse gas (GHG) emissions and provide a science-based target-setting framework to enable the industry to reduce carbon emissions.
“We are proud to be a founding member of the Global Steel Climate Council,” said Mark D. Millett, Chairman and Chief Executive Officer. “Steel is an integral component of the global economy and foundational to the world’s essential infrastructure. Specifically, lower-carbon steel is necessary for the transition to a lower-carbon global economy. This new standard will accelerate the actual reduction of greenhouse gas emissions and provide key decisionmakers with transparent and consistent data to make informed decisions. Steel Dynamics is already a leader in producing lower-carbon steel products. We continue to identify decarbonization opportunities, building on our entrepreneurial, innovative spirit.”
GSCC’s standard is comprised of two main components: (1) product certification criteria that allows customers to know if the steel they are buying is on the glidepath to achieve the goals of the Paris Climate Agreement; and (2) a science-based target-setting framework based on a 1.5°C scenario glidepath for net zero GHG emissions by 2050. The GSCC standard will measure all key GHG emissions from Scope 1, Scope 2 and Scope 3 categories.
“The Steel Climate Standard is a simple and understandable benchmark for reducing the steel industry’s greenhouse gas emissions,” said Jeff Hansen, Vice President Environmental Sustainability and GSCC Board Member. “We helped lead the development of this important standard for the industry and are excited for its launch and the innovation and investments in lower emission technology that will surely follow.”
A draft version of The Steel Climate Standard was published in April 2023. GSCC invited stakeholders to review the Standard and submit comments. Many of the submitted comments have shaped the final text of the Standard the GSCC published today.
