Swiss Steel Group Commits to 1.5°C Decarbonisation Targets

1.5°C goals Swiss Steel Group sets ambitious science-based decarbonisation targets

2024-06-04 Source: Swiss Steel Group 1 min Reading Time

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Swiss Steel Group reaffirms its commitment to the 1.5°C targets of the Paris Agreement and has set ambitious science-based decarbonisation targets validated by the SBTi.

Swiss Steel Group has established ambitious decarbonization objectives grounded in science and endorsed by the SBTi.(Source: Swiss Steel Group) — Swiss Steel Group has established ambitious decarbonization objectives grounded in science and endorsed by the SBTi.
(Source: Swiss Steel Group)

After receiving endorsement from the Science Based Targets initiative (SBTi), Swiss Steel Group becomes the first steel producer globally to validate decarbonization objectives in accordance with the SBTi sectoral guidelines for the steel industry issued in 2023. “Our goal is to achieve net zero emissions by 2038, provided the framework conditions are in place. Our short-term targets for Scope 1 and Scope 2 emissions will mainly be achieved by converting rolling mill, forging and heat treatment furnaces to low-emission energy sources and technologies, purchasing electricity from renewable sources and improving energy efficiency”, says Frank Koch, CEO Swiss Steel Group.

In order to achieve a reduction in our Scope 3.1 emissions, the steel producer is aiming to replace CO₂-intensive primary materials such as ferroalloys and deoxidising agents with secondary materials (e.g. alloyed scrap or recycled aluminium) and ‘green’ alloys.

The base year for the reduction in emissions is 2021, the short-term target year is 2030. The company is dependent on suitable framework conditions for the implementation of these measures. Swiss Steel Group has made a conscious decision to base its targets on an established, science-based framework in order to ensure credible and verifiable measures. Our efforts to date in the area of emissions tracking have created the basis for applying the new SBTi guidance so quickly and thus taking on a pioneering role in the steel industry.

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