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The document criticizes Nippon Steel and Cleveland-Cliffs for investing in coal-fired infrastructure despite public commitments to green steel. It highlights a $350 million renovation of a blast furnace at Gary Works by Nippon Steel and the refurbishment of a 73-year-old furnace by Cleveland-Cliffs in Middletown, Ohio, despite the latter receiving a $500 million Inflation Reduction Act grant for decarbonization. The author suggests that automotive companies and international markets, particularly in Europe, should use their purchasing power to pressure steelmakers to transition away from coal.

Carbon Market Watch asserts that free allowances in the EU ETS have failed to drive decarbonisation, instead allowing heavy industry to generate profits while avoiding pollution costs. The organization criticizes the European Commission's revision proposal for extending free allocations and calls for a full phase-out by 2034 for CBAM sectors and a plan for all other sectors, insisting that any remaining subsidies be tied to proven investments in zero-carbon transformation and social safeguards.

Mighty Earth is campaigning to accelerate the decarbonization of the automobile industry, targeting Hyundai Motors Corporation. The organization highlights the need for fully fossil-free steel and green hydrogen investments, while criticizing the environmental and human rights risks associated with Hyundai's global steel supply chain, including a planned facility in Louisiana and suppliers linked to abuses in Mexico.

The report finds that the global iron and steel industry is facing a 'lock-in' crisis due to continued investment in coal-based blast furnace capacity, particularly in India and China. While electric arc furnace (EAF) capacity is increasing, green hydrogen-based direct reduced iron (DRI) remains a critical bottleneck, with only 2% of operating DRI capacity using green hydrogen. India is currently the primary driver of global steelmaking development, accounting for 42% of developing capacity, much of which is coal-based. China maintains the largest operating capacity, but 94% of its blast furnace capacity lacks a retirement plan. The report warns that relining existing blast furnaces locks in emissions for 15–20 years, threatening global climate goals as the sector accounts for 11% of global CO2 emissions.

The report analyzes the use of local content requirements (LCRs) in EU public procurement, which accounts for approximately 15% of GDP and 11% of greenhouse gas emissions. It argues that while LCRs can create lead markets for low-carbon products in sectors like steel and cement, they risk increasing costs and trade tensions if not paired with ambitious environmental standards. The document evaluates LCR applications in India, Canada, and China to provide recommendations for the Industrial Accelerator Act and the future EU Public Procurement Act.

Ember recommends that governments mandate direct measurement and reporting for all coal mines, integrating satellite and independent data to identify super-emitters. The report advocates for banning venting from drainage systems, implementing binding reduction requirements for large emitters, and creating incentive mechanisms for ventilation air methane (VAM) mitigation. It further emphasizes the necessity of phasing down coal use and requiring comprehensive mine-closure plans to prevent ongoing emissions from decommissioned sites.

The document argues that industrial carbon pricing in Canada has a negligible impact on consumer costs and household consumption due to the nature of global commodity markets and the design of the pricing systems. It highlights that these systems target only the largest emitters and that a significant portion of their output is exported, preventing costs from being passed to domestic consumers. Specific examples include minimal price increases for consumer goods like refrigerators and pickup trucks, and low per-barrel costs for oil sands producers.

The Canadian Climate Institute asserts that industrial carbon pricing has almost no impact on average Canadian household spending, with a projected effect on consumption of nearly 0% in 2025 and only a 0.1 percentage point reduction by 2030. The document attributes this to the fact that these systems target large emitters—such as oil sands, steel mills, and cement plants—rather than individuals, and that many of the affected products are exported to global markets. For example, nearly 80% of oil sands production is exported, and the cost added to a refrigerator by carbon pricing on steel mills is estimated at only $0.12. Additionally, the report finds that the policy has almost no effect on food prices or the agricultural sector, with a predicted cumulative GDP effect on agriculture of 0.08% by 2030. For businesses, costs are limited because they only pay for emissions exceeding set limits; for oil sands producers, current costs average 9 cents per barrel, and are projected to remain around 50 cents per barrel by 2050 (inflation-adjusted) under the Canada-Alberta memorandum of understanding.

The document outlines the transition of the EU CBAM from a reporting-only phase to a mandatory financial compliance phase starting January 1, 2026. It details the obligations for 'Authorised CBAM Declarants', the calculation of embedded emissions using either actual verified data or punitive default values, and the requirement to purchase CBAM certificates linked to EU ETS prices. The guide emphasizes the competitive advantage for low-carbon producers and provides a three-stage implementation checklist for exporters to minimize costs and ensure market access to the EU.

The report analyzes the transition of the steel industry toward net-zero emissions, highlighting the role of emerging technologies and startups. It identifies the dominance of coal-based blast furnace-basic oxygen furnace (BF-BOF) facilities, which contribute approximately 8 percent of global greenhouse gas emissions, and examines alternatives such as Hydrogen-Direct Reduced Iron (H2-DRI) and scrap-based electric arc furnaces (EAFs). The document categorizes innovations into three pathways: reducing demand ('Make Less'), improving existing processes ('Make Better'), and developing disruptive technologies ('Make New'). It emphasizes the need for strategic investor-offtakers in high-growth markets like Asia and Africa, the potential of modular furnace technologies, and the strategy of generating early revenue through high-margin, low-volume products to derisk commercial scaling.

The document outlines a forward-looking framework for financial institutions to evaluate corporate investment alignment. It moves beyond high-level disclosures by analyzing asset-level data to project future emissions and production trajectories. The process involves selecting metrics, gathering asset data, calculating company-level trajectories, choosing benchmarks (such as IEA scenarios or company targets), and interpreting the 'alignment delta' to identify transition risks and engagement opportunities.

The report analyzes the green hydrogen value chain in China across production, storage and transport, and utilization, noting that while investment in startups has accelerated since 2020, risks remain regarding technology, operations, and capital markets.

Reclaim Finance asserts that France is failing to lead a global coal exit ten years after the Paris Agreement. Despite domestic plans to close coal plants by 2027, major French banks like BNP Paribas and Société Générale continue to finance thermal and metallurgical coal projects internationally. The document also highlights the failure of the Coal Transition Accelerator (CTA) and other diplomatic efforts to create binding international standards for coal phase-out.

The report examines the decarbonisation of Brazil's cement and steel sectors, highlighting the role of low-carbon hydrogen, carbon capture and storage, and green finance in achieving net-zero emissions by 2050.

The report analyzes the decarbonization pathways for Brazil's cement and steel sectors, highlighting the role of emerging technologies like low-carbon hydrogen and carbon capture, the impact of international regulations like the EU's CBAM, and the availability of green financing instruments to support the industrial transition.

The report argues that major steel companies, including ArcelorMittal, Nippon Steel, and POSCO, overlook methane emissions from coal mining in their Scope 3 disclosures. It highlights that these emissions, particularly from 'gassiest' Australian mines, significantly increase the climate impact of blast furnace-based steelmaking and are not mitigated by downstream technologies like hydrogen injection or CCUS.

The report finds that methane from Australian coking coal adds an average of 10-17% to the short-term climate impact of blast furnace-based steelmaking, with some 'super-emitting' mines potentially doubling this impact. It highlights significant underreporting of methane emissions in Australia, specifically citing the Hail Creek mine, and notes that leading steelmakers like ArcelorMittal, Nippon Steel, and POSCO fail to disclose the methane footprint of their coal supplies. The document argues that cutting coal mine methane is a cost-effective near-term decarbonisation step, as over half of these emissions are avoidable using existing technology.

Carbon Market Watch critiques the EU Innovation Fund for disproportionately funding carbon capture and storage (CCS) and carbon capture and utilisation (CCU), particularly in the cement and lime sector. The organization argues that the fund should prioritize technologies that encourage material savings and explicitly include material saving as a mandatory assessment criterion for projects.

The report analyzes the global iron and steel fleet, noting that while electric arc furnace (EAF) and direct reduced iron (DRI) capacities are growing in development plans, implementation lags. India is identified as the primary driver of global steel capacity, with a high concentration of coal-based projects that could prevent the sector from meeting the IEA's 37% EAF target by 2030. Additionally, Australia and Brazil are highlighted as having significant untapped potential for green ironmaking due to their iron ore reserves and renewable energy capacity.

The report examines the application of transition finance tools—including loans and bonds—to support the decarbonisation of China's steel sector, highlighting the role of regional guidelines in Hebei Province. It identifies a significant funding gap, estimating a need for $18 billion in capital expenditure over the next five years for electric arc furnace (EAF) and hydrogen-based direct reduced iron (H2-DRI) technologies. While large state-owned enterprises are leading the transition, the report notes that high costs of green steel and limited scrap steel supply remain major barriers.