Promoting G20 collaboration with international financial institutions to support ‘green steel’ production

The G20 and its member states have a unique opportunity to collaborate with international financial institutions in the roll out of low-carbon steel production globally to ensure developing and emerging economies can participate in this transition.Steel is a major contributor to global emissions and the industry is only expected to grow in coming years driven by emerging economies. This increase in demand and production necessitates the urgent transition to green steel production pathways. International finance institutions (IFIs) such as multilateral development banks (MDBs) can play a catalytic role in ensuring that developing and emerging economies benefit from and are included in this transition. As the G20 sets out the mandates of IFIs and international climate finance more broadly, its member states have a unique opportunity to be key players in the roll out of low-carbon steel production globally.