Steeling our future : Les banques qui soutiennent l’acier à base de charbon

The report highlights that the steel sector accounts for 11% of global CO2 emissions, with 90% of these emissions stemming from coal-based production. Between 2016 and June 2023, 354 banks provided $429 billion to the 100 largest steel producers, with a significant portion coming from a small group of US and European banks. The document concludes that current bank decarbonization targets are inadequate to stop the expansion of coal-based steel capacity and calls for stricter sector-specific policies.

• The steel industry is a major climate driver, contributing 11% of global CO2 emissions, with approximately 90% of those emissions resulting from coal-based production methods. Technological advancements suggest coal could be removed from steel manufacturing by the early 2040s.
• Between 2016 and June 2023, 354 banks provided $429 billion to the 100 largest steel producers, with the top 50 banks contributing $326 billion. The largest financiers include US banks Bank of America ($15 billion), JPMorgan Chase ($11.9 billion), and Goldman Sachs ($11.6 billion), as well as European banks BNP Paribas ($9.4 billion), Crédit Agricole ($7.1 billion), and ING ($6.6 billion).
• Existing bank commitments to steel decarbonization are insufficient. Of 50 analyzed banks, only ING has a coal-based steel policy (limited to projects), and while 17 banks have decarbonization targets, these do not prevent the financing of coal-based steel capacity expansions or asset life extensions.

APA

Martin, L. (2024). Steeling our future : Les banques qui soutiennent l’acier à base de charbon. Reclaim Finance. https://reclaimfinance.org/site/2024/03/26/steeling-our-future-les-banques-qui-soutiennent-lacier-a-base-de-charbon/

Chicago

Martin, Léo. Steeling our future : Les banques qui soutiennent l’acier à base de charbon. Reclaim Finance, 2024. https://reclaimfinance.org/site/2024/03/26/steeling-our-future-les-banques-qui-soutiennent-lacier-a-base-de-charbon/.

Wikipedia

{{cite report |last1=Martin |first1=Léo |title=Steeling our future : Les banques qui soutiennent l’acier à base de charbon |publisher=Reclaim Finance |date=25 March 2024 |url=https://reclaimfinance.org/site/2024/03/26/steeling-our-future-les-banques-qui-soutiennent-lacier-a-base-de-charbon/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{martin2024steeling, author = {Martin, Léo}, title = {{Steeling our future : Les banques qui soutiennent l’acier à base de charbon}}, institution = {Reclaim Finance}, year = {2024}, month = mar, url = {https://reclaimfinance.org/site/2024/03/26/steeling-our-future-les-banques-qui-soutiennent-lacier-a-base-de-charbon/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }