Banks Bet on Green Steel - RMIIn lieu of what has been happening...

Banks Bet on Green Steel - RMI

In lieu of what has been happening with our share price i thought I'd post this one to lift your spirits up. This one is directly related to funding of green steel projects so cheer up people, the world is definitely shifting to a greener/sustainable economy! The banks are all over it like a rash




" Pledges to support the transition to a net-zero steel sector are growing across both the private and public sector. In September, at Climate Week NYC, six signatory banks — including Citi, Crédit Agricole CIB, ING, Société Générale, Standard Chartered, and UniCredit — launched the Sustainable STEEL Principles (SSP), a climate-aligned finance agreement designed to help achieve net-zero emissions in the steel industry. Representing a combined bank loan portfolio of approximately $23 billion in lending commitments to the sector and a market share of over 11 percent of total private sector steel lending, the signatories to the SSP have committed to measure and disclose the 1.5°C alignment of their steel lending portfolios and are encouraged to make climate a part of every steel debt transaction and client conversation.

While zero-carbon steel is technologically possible, it is more expensive, and relies on technologies which are mostly unproven on a commercial scale. Transitioning the global steel asset base to net-zero-compliant technologies will require an additional $8 to $11 billion in investment annually — equal to $235 to $335 billion of additional total investment by 2050."

These are the big banks. Looking good for us chaps. The sun is shining!