(CercleFinance.com) – Societe Generale and five other banks will measure and make public the carbon footprint of their steel-related loans via the Sustainable STEEL Principles (SSP), the first agreement of climate-aligned financing of the steel sector.
SSPs are the out-of-the-box solution for measuring and publicizing the alignment of steel industry loan portfolios with the 1.5°C target.
The resulting agreement will help banks facilitate the transition to net-zero emissions in the steel industry, the world’s largest source of industrial emissions.
Lenaig Trenaux, Global Head of Mining, Metals and Industries Finance, Societe Generale: ‘As a founding member of the UNEP-FI Net Zero Banking Alliance, Societe Generale is committed to working with its customers and partners across sectors to achieve carbon neutrality by 2050 at the latest. By launching the Sustainable STEEL Principles, our ambition is to support our customers who innovate and invest for a low carbon future in the steel sector. ‘
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