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“The climate challenge is unprecedented, and bold action is therefore needed. Achieving our ambition of being carbon neutral by 2050 is a major challenge, but with the right political framework - allowing European steelmakers to remain competitive while the steel industry moves to carbon-neutral steelmaking - we’re convinced it’s achievable. The proposal for a carbon border adjustment, which effectively puts a carbon price on imports, recognizes that every country needs to play its part in reducing global CO2 emissions. By preventing steel production moving to countries where carbon emissions legislation is less strict, and where carbon emissions are therefore higher, means we put a stop to carbon leakage. This is exactly the type of action that is needed.”
While support for a carbon border adjustment has been growing in recent months, ArcelorMittal was one of the first companies to support a proposed carbon border adjustment and backs the European Commission’s proposals for a €35 billion ‘just transition’ fund, to invest in research, innovation and green technology.