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Sustainable finance taxonomy update
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EUROFER welcomes the legislative proposal to mobilise investments in the EU in view of achieving the Paris Agreement and Europe’s 2030 & 2050 climate goals. Achieving these goals will require massive transformative investments for development, demonstration and scaling up of new technologies in a relatively short period of time. Therefore, the proposed EU taxonomy should not hinder innovation and the transition of the European steel industry to climate neutral and circular economy. The issue of up-scaling projects to industrial scale needs to be at the center of ongoing policy discussions, including access to finance, awareness of risks and benefits, long-term
predictable policy frameworks, etc.
By 2050, the steel industry hopes to have shifted from high dependence on fossil energy and raw materials to become a low-carbon energy-based sector integrally part of the circular economy. The aim is, by this time, to emit at least 80% less CO2 compared to 1990 levels. Europe will be a leading provider of low-carbon products, services and technologies worldwide - access to investment will
be key to making this successful.
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Brussels, 17 May 2022 – The European steel industry calls upon the plenary of European Parliament to fix the disruptive vote on the Emissions Trading System (ETS) and Carbon Border Adjustment Mechanism (CBAM) cast by its Environment Committee. Today’s outcome endangers €31 billion investments needed for deploying the 60 low carbon projects the European steel industry has in the pipeline, as well as €45 billion in exports value and 30,000 jobs.
It is essential that the implementation of the Fit for 55 Package delivers the agreed 2030 climate targets while supporting companies’ investments, preserving effective carbon leakage measures and avoiding disproportionate costs, capacity closures and job losses.
Brussels, 11 May 2022 – The current Waste Shipment Regulation proposal lacks effective measures to tackle environmental challenges of waste exports and to enhance EU resiliency on valuable secondary raw materials, risking to undermine the EU’s Circular Economy and Green Deal objectives, warns the European Steel Association (EUROFER) on the occasion of the presentation of the draft report by the Environment Committee at the European Parliament.