Summary
The report analyzes the financial support provided by 354 banks to the top 100 steelmakers, finding that $429 billion was provided between 2016 and June 2023. It highlights a critical gap between banks' climate commitments and their continued funding of coal-dependent blast furnace-basic oxygen furnace (BF-BOF) projects. The document argues that continuing to fund these assets creates significant stranded asset risks, estimated at $554 billion, and urges a shift toward green hydrogen direct reduced iron (DRI) and electric arc furnace (EAF) technologies.
Key insights
- Between 2016 and June 2023, 354 banks provided $429 billion in funding to the top 100 steel companies, with the top 10 banks accounting for 31% of this total. Funding is heavily concentrated by region, with Chinese banks providing 42%, US banks 18%, European banks 21%, and Japanese banks 7%.
Cite the original document
- APA
- Rocamora, C., Her, H., Miomandre, L., & Lassus, J. (2024). 鉄鋼業が招く冷酷な未来. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2024/09/Steeling-our-future_JP240731.pdf
- Chicago
- Rocamora, Cynthia, Henri Her, Lea Miomandre, and Julie Lassus. 鉄鋼業が招く冷酷な未来. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/09/Steeling-our-future_JP240731.pdf.
- Wikipedia
- {{cite report |last1=Rocamora |first1=Cynthia |last2=Her |first2=Henri |last3=Miomandre |first3=Lea |last4=Lassus |first4=Julie |title=鉄鋼業が招く冷酷な未来 |publisher=Reclaim Finance |date=July 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/09/Steeling-our-future_JP240731.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}
- BibTeX
- @techreport{rocamora2024, author = {Rocamora, Cynthia and Her, Henri and Miomandre, Lea and Lassus, Julie}, title = {{鉄鋼業が招く冷酷な未来}}, institution = {Reclaim Finance}, year = {2024}, month = jul, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/09/Steeling-our-future_JP240731.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }
Full text
Collected · Record updated