Statement for COP29

We, the stakeholders of the global steel industry, building on the Steel Standards Principles (SSP)1, aim to pursue an inclusive, open and transparent process that intends to achieve harmonization of measurement methodologies, and where not possible, yield the interoperability of existing GHG emissions frameworks for steelmaking, thereby accelerating the transition to near zero. Launched at COP28 with 42 signatories, the SSP have now been endorsed by 61 organizations with wide geographical and stakeholder coverage.

This unified mechanism has supported open dialogue, collaboration, and mutual understanding. As the first step towards harmonization, the priority has been to identify commonalities, similarities and differences between emissions accounting methodologies, and where the benefits of alignment would be greatest. It was emphasized that methodology variance is closely related to the diverging purposes of methodologies and whether they focus on the company, site or product level emissions. Whilst some aspects of alignment may be simpler to resolve, more challenging aspects may prevail for which robust interoperability tools and a pathway towards recognition would be required. Developing guidance on interoperability and recognition to assist in the alignment of methodologies and to provide clarity to relevant stakeholders will be essential moving forward.

To support the SSP’s work, the World Steel Association is leading a mapping exercise to collate a large number of initiatives and methodologies from around the world. This mapping exercise assesses commonalities, similarities and differences across more than 40 criteria and identifies opportunities for harmonization. Approximately 80 initiatives or standards were identified and over 40 prioritized for initial and direct engagement.

With much progress made in 2024, we have set the following 2025 objectives:

1. Establish a Common Boundary to enable comparability which encompasses an emissions intensity reporting point from mining to crude steel. This should be reported as tonnes of CO₂e per tonne of crude steel (in addition to existing reporting points, e.g. tonnes CO₂e/tonne hot rolled steel, tonnes CO₂e/tonne finished steel product).
2. Enhance Data Quality including increased data transparency, establishing common emission factors and maximizing the usage of primary data.
3. Develop Common Terminology in a “glossary” that is consistent across initiatives, standards and methodologies.
4. Increase Stakeholder Engagement with steel companies, policy makers, NGOs, customers, investors, and raw material suppliers from around the world.

Working towards these objectives with the expertise and competencies of the endorsing organizations will be a significant step in the alignment of common emission measurement methodologies in the steel sector. These objectives will contribute to more accurate and transparent reporting, greater comparability and interoperability between methodologies, and a better understanding of the industry’s emissions. Increased engagement will lead to more holistic representation and thereby more steel producers reporting their emissions. Consistent reporting is a prerequisite for policy makers to create better policies that will support global decarbonization.

We will continue this important work in 2025 and will present the progress on our objectives at COP30.