Renewable

May 31 (Renewables Now) - Spanish utility Iberdrola SA (BME:IBE), Swedish peer Vattenfall AB and wind turbine maker Siemens Gamesa Renewable Energy SA (BME:SGRE) have joined a global initiative that calls for the transition to a net zero steel industry.

The SteelZero initiative is led by The Climate Group in partnership with non-profit organisation Responsible Steel. The campaign organisers said on Tuesday that the three companies, all of which have activities in the renewable energy field, have pledged to use 50% low emission steel by 2030 before reaching the ultimate net zero target.

By joining the initiative, Iberdrola, Vattenfall and Siemens Gamesa will use production materials for their renewable energy infrastructure projects that comply with the goals. All three of them pointed out that the scheme will create partnerships along the value chain and thus speed up the process of reaching climate goals.

Swedish vehicle maker Volvo Cars is also among the initiative’s new entrants, being the first automobile manufacturer enrolled. Existing members are Danish container shipping group AP Moller-Maersk A/S and offshore wind major Ørsted A/S, as well as Australian infrastructure company Lendlease Group.

The steel segment is responsible for about 7% of the global annual carbon dioxide emissions, with the share seen to rise in line with the growth in demand.

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