Photo by: Dmitry Feoktistov / TASS
What will it take for the steel industry to reach the global goal of zero emissions by 2050? There are several recommendations. One is to stimulate demand for green steel. For example, in major infrastructure projects, the government could make provision for a percentage of green steel to be supplied to the project.
The second important direction is the development of related industries.
The third direction is the development of effective tools for preferential lending for decarbonisation projects (greenfield and brownfield) through budgetary and non-budgetary financing. This mechanism can be implemented on the basis of green taxonomy (the relevant Russian government decree is adopted, but not yet applied), the development of financial institutions, as well as the system of climate projects and demand creation for “carbon” units and low-carbon “green” products. There is also a need for an R&D programme to offset the costs of technology search through tax incentives, subsidies.
It is also very important to promote products and solutions of Russian companies for adaptation to climate change and reduction of greenhouse gas emissions within the framework of international cooperation. We should strive to bring green climate technologies and products designed to reduce greenhouse gas emissions and adapt to climate change out of the sanctions.
Cover photo: Vova Zhabrikov / URA.RU / TASS
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