It is estimated that 47 billion dollars per year are needed to meet growing steel demand by 2050, and an additional 9 billion dollars per year investment will be needed to transition the sector to net zero. Climate Bonds Initiative (CBI) chose its Climate Bonds Regional Seminar Event in New York City to publish the new Steel Industry Package, comprising criteria for credible investments and opportunities for policymakers to facilitate the rapid transition of the industry to meet global climate targets. The Package is aimed at investors, industry leaders, and policy makers.

CBI visualizes that technologies like green hydrogen and renewable energy, as well as carbon capture and storage technologies, will allow the steel industry to make immediate and meaningful emissions reductions. Policymakers can provide a supportive regulatory environment to facilitate the transition by green public contracting (e.g. off-take agreements), targeted R&D initiatives to support innovative green technologies, and strengthening carbon pricing with effective framework against the risk of carbon leakage (e.g., EU-ETS and CBAM).