Posted on 16 Jul 2024
Jean Marie Paugam, Deputy Director General of the World Trade Organization (WTO), stated that decarbonizing the steel industry requires not only new technologies, inputs, and value chains but also innovative and cooperative governance of world trade. The key is to adopt a multilateral system and reverse the trend of deglobalization.
Inconsistent climate policies may seriously hinder the future of green steel. There are over 70 carbon pricing methods worldwide, and this fragmentation exacerbates the risk of carbon leakage. Paugam concluded that the industry should support the integration of green steel definition and evaluation methods and collaborate with standard-setting organizations and regulatory agencies to achieve these goals as soon as possible.
It is reported that both China and the United States have called for specific discussions at the World Trade Organization on decarbonization standards for the steel industry.
Source:Yieh
