The United States and the European Union are planning to sign a green steel agreement

18/05/2023

The United States and the European Union are planning to sign a green steel agreement that would promote the production of low-carbon steel. The agreement is expected to be finalized in the coming months and would be the first of its kind between the two trading partners.

The agreement would focus on three main areas:

  • Technology cooperation: The US and EU would work together to develop and deploy new technologies for low-carbon steel production. This could include technologies such as electric arc furnaces, carbon capture and storage, and hydrogen-based steelmaking.
  • Market access: The agreement would create new market opportunities for low-carbon steel from both the US and EU. This could be achieved through the elimination of tariffs or other trade barriers.
  • Standards: The agreement would establish common standards for low-carbon steel. This would help to ensure that low-carbon steel from both the US and EU meets the same high standards.

The green steel agreement is seen as a major step forward in the fight against climate change. Steel production is a major source of greenhouse gas emissions, so the agreement could help to reduce emissions from the steel industry.

The agreement is also seen as a way to boost the economies of the US and EU. The steel industry is a major employer in both regions, so the agreement could help to create new jobs and boost economic growth.

The green steel agreement is still in the early stages of development, but it has the potential to be a major breakthrough in the fight against climate change and the promotion of sustainable steel production.

In addition to the three main areas mentioned above, the agreement could also include provisions on:

  • Financial support: The US and EU could provide financial support to help companies develop and deploy low-carbon steel technologies.
  • Research and development: The US and EU could collaborate on research and development projects to advance the development of low-carbon steel technologies.
  • Education and training: The US and EU could work together to develop educational and training programs to help workers transition to low-carbon steel production jobs.

The green steel agreement is a significant development in the global effort to combat climate change. It is a sign that the US and EU are committed to working together to reduce emissions from the steel industry and promote sustainable steel production.

CBAM