Russian steelmaker Severstal has announced that it will invest RUB 139 billion ($1.5 bililon) for its decarbonization strategy until 2030. Severstal is reported to be the first steel company in Russia to begin implementing a decarbonization strategy.
The strategy includes five key areas and the first one is setting goals and their implementation through specific investment projects. The company’s decarbonization strategy is designed to ensure the implementation of the goals to reduce greenhouse gas emissions by three percent by the end of 2024 and by 10 percent by the end of 2030, both compared to 2020 baseline.
The second priority area for the strategy is working on innovations in such areas as the capture and use of carbon, the production and use of hydrogen, low-carbon energy, as well as climate solutions. The third direction of the strategy is green products. Other areas of the strategy include green financing and engagement with external parties.