Welcome to an exciting era of telecommunications where sustainability takes center stage. As leading corporations, we understand the importance of building a greener future while ensuring seamless global connectivity. That’s why we have joined forces with industry giants like Microsoft, Nextracker, and Trammell Crow Company to champion the procurement of sustainable steel in North America.
The Sustainable Steel Buyers Platform, led by RMI, has set its sights on procuring up to 2 million tons of near-zero emissions steel through a competitive procurement process. This groundbreaking initiative is poised to revolutionize the telecommunications sector and pave the way for a more environmentally responsible world.
Why is sustainable steel so vital in telecommunications? Traditional steel production, driven by carbon-intensive processes, is responsible for a staggering 7% of global carbon dioxide emissions. By embracing near-zero emissions steel, also known as green steel, we can significantly reduce our carbon footprint and contribute to a more sustainable future.
Imagine the positive impact on industries reliant on steel-intensive goods, such as cars and energy infrastructure. By incorporating near-zero emissions steel, the life-cycle emissions of these products can be reduced by nearly 30% and energy infrastructure emissions can be decreased by almost 80%. The potential for change is immense, and together, we have the power to make it happen.
Through the Sustainable Steel Buyers Platform, we are not only accelerating the transition to a net-zero emissions world but also sending a strong signal to the market. By collectively procuring sustainable steel, we aim to drive investment in three near-zero emissions steel plants in the US by 2030. Our goal is clear: to shape a future where telecommunications and sustainability go hand in hand.
Come join us in this incredible journey toward a greener and more responsible world. Together, we can harness the power of sustainable steel in telecommunications and connect the world in a way that benefits both people and the planet.
The Importance of Sustainable Steel in Telecommunications
The production of traditional steel in carbon-intensive processes using coal or natural gas contributes to 7% of global carbon dioxide emissions. In contrast, near-zero emissions steel, also known as green steel, is produced through processes that reduce or capture emissions, such as electrification or the use of renewable hydrogen.
The demand for green steel is projected to increase, as corporations strive to meet their climate targets and reduce the emissions associated with steel-intensive goods.
By using near-zero emissions steel in the telecommunications sector, the life-cycle emissions of products like cars can be reduced by nearly 30% and energy infrastructure emissions can be decreased by nearly 80%.
Advancing Sustainable Steel Procurement
The Sustainable Steel Buyers Platform, led by RMI, has launched a competitive procurement process to enable corporations to collectively purchase near-zero emissions steel in North America. This platform provides a unique opportunity for corporations to source sustainable steel and support the transition to a greener future. By participating in the platform, corporations aim to procure up to 2 million tons of sustainable steel, signaling a strong demand for environmentally conscious steel production.
One of the key goals of the platform is to encourage investment in three US near-zero emissions steel plants by 2030. This investment will significantly contribute to reducing carbon emissions in the steel industry and accelerate the transition to net-zero emissions. With the collective effort of corporations, the platform aims to make a substantial impact on the steel industry’s sustainability journey.
The Sustainable Steel Buyers Platform is the first buyers’ group formed in North America specifically focused on collectively procuring green steel. By pooling corporate demand and leveraging the collective purchasing power, the platform aims to drive the adoption of sustainable steel and create a lasting positive impact on the environment.
Banks Commit to Sustainable Steel Finance
In a significant step towards a greener future, six leading banks have shown their dedication to sustainable steel finance by signing onto the Sustainable STEEL Principles (SSP). Under this pioneering Climate-Aligned Finance (CAF) agreement, lenders to the steel industry are committing to a framework aimed at measuring and disclosing the carbon emissions associated with steel-related loans.
By embracing the Sustainable STEEL Principles, these banks including Citi, Crédit Agricole CIB, and ING, pledge to adopt transparent reporting practices, conduct standardized assessments of loan portfolio emissions, and engage with clients to support their journey towards achieving net-zero emissions. This commitment reflects the financial institutions’ determination to drive decarbonization efforts in the steel industry and promote the financing of sustainable steel production.
The importance of carbon emissions reporting cannot be overstated. It enables us to accurately measure the environmental impact of steel manufacturing and identify areas for improvement. Through the collective efforts of banks committed to the Sustainable STEEL Principles, we can ensure greater accountability and transparency in steel-related financing. This in turn supports the decarbonization journey of the industry, helping us achieve a more sustainable and resilient future.
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