The resulting framework positions lenders to facilitate the net-zero transition of the steel industry - the largest source of industrial emissions globally. The Principles were carefully designed over the course of a year by a working group facilitated by RMI, led by ING and co-led by Societe Generale, with participation from Citi, Standard Chartered and UniCredit. Designed to support the practical achievement of net-zero emissions in the steel industry, they also provide the tools necessary for client engagement and advocacy. The SSP are the turn-key solution for measuring and disclosing the 1.5☌ alignment of steel lending portfolios. Under RMI’s leadership, six top lenders to the global steel sector - Citi, Crédit Agricole CIB, ING, Societe Generale, Standard Chartered and UniCredit - today announced the signing of the Sustainable STEEL Principles (SSP), the first Climate-Aligned Finance (CAF) agreement for lenders to the steel industry. Six leading banks - C iti, Crédit Agricole CIB, ING, Societe Generale, Standard Chartered, and UniCredit - will measure and disclose their steel-related loan emissions via the Sustainable STEEL Principles (SSP), the first climate-aligned finance agreement for the steel industry. Global banks representing $23 billion in steel loans sign onto Sustainable STEEL Principles
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