Outokumpu Partners with Climate Leadership Coalition to Champion Green Steel and Global Climate Solutions

Outokumpu Partners with Climate Leadership Coalition to Champion Green Steel and Global Climate Solutions

(IN BRIEF) Outokumpu Oyj, a global leader in sustainable stainless steel, has been accepted as a new organizational member of the Climate Leadership Coalition (CLC), Europe’s largest non-profit climate business network. CLC is dedicated to developing business-driven solutions to combat climate change, aligning with the need to reduce global greenhouse gas emissions by 43% by 2030 compared to 2019 levels. Outokumpu sees CLC as a platform to influence global regulations in the fight against climate change and to accelerate the transition away from fossil fuels. The company emphasizes the importance of global carbon pricing, green investments, and demand for green steel to achieve a net-zero future. Outokumpu is committed to sustainability and reducing emissions, with products that reduce customers’ emissions by 75% compared to the industry average and science-based climate targets, including carbon neutrality goals for its Kemi mine by 2025.

(PRESS RELEASE) HELSINKI, 31-Jan-2024 — /EuropaWire/ — Climate Leadership Coalition (CLC), the largest non-profit climate business network in Europe developing business-driven solutions to address climate change, has accepted Outokumpu Oyj as one of the new organisational members. The global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels to limit global warming to 1.5°C – and the ambitious expectations are set for the corporate sector to act and implement the policies to the markets. Outokumpu, the global leader in sustainable stainless steel, sees CLC as an impactful network to drive the change in global regulation mitigating climate change.

“Our growing membership base and network of partners enhance CLC’s potential to support the EU and global decision-makers in work to mitigate climate change and the transition away from fossil solutions. We are looking forward to working together with Outokumpu,” says Sari Baldauf, Chair of the CLC Board.

Outokumpu sees that in order to achieve the green transition, getting rid of fossil fuels and reach net zero by 2050, we will need global pricing for carbon, green investments across public and private sector and demand for green steel.

“Steel accounts for 7–9% of the global greenhouse gas emissions. At the same time, it has a pivotal role in accelerating green transition. From hydrogen to electric vehicles and clean energy, the low-carbon economies rely on stainless steel. Outokumpu has been pioneering in circular economy in the industry – our products reduce customers’ emissions by 75% compared to the industry average – totaling avoided emissions by over 10 million tonnes annually.  We have ambitious science-based climate targets aligned with 1.5 degrees, and we execute them with concrete initiatives – for example by targeting to achieve carbon neutrality in our Kemi mine as the first mine in the world by 2025. For us sustainability truly drives our business decisions, and we are excited to join forces with CLC’s network”, says Heikki Malinen, President and CEO, Outokumpu Oyj.

“From the company perspective, we need an aligned global policy for mitigating climate change that also levels the playing field for companies. Although a global carbon pricing system does not exist, there are regional carbon prices, such as the EU’s new pivotal instrument Carbon Border Adjustment Mechanism (CBAM) that aims to combat carbon leakage of goods with significant emission intensity being imported into the EU. It is crucial to ensure that these instruments combat carbon leakage by considering the entire product carbon footprint and accurate reporting systems. Boosting carbon pricing as a tool to ramp-up climate investments is a challenge we are excited to take forward with CLC”, Malinen continues.

*) Global average CO₂ emissions (2023): 7 kilos of CO₂e per kg of stainless steel (Outokumpu’s calculation based on data provided by CRU and worldstainless).

Media Contacts:

Outokumpu media desk
tel.: +358 40 351 9840
media(at)outokumpu.com

Tuuli Kaskinen
CEO, Climate Leadership Coalition
tuuli.kaskinen(at)clc.fi
+358 50 514 9752

SOURCE: Outokumpu Oyj