‘Green’ steel needs innovative financing into meet huge bills: HSBCReuters #Climate_ChangeNovember 22, 2019
FILE PHOTO: Steel bars are pictured in a mill in Chau Khe village outside Hanoi, Vietnam March 30, 2018.
While technologies are being developed to lower and eventually halt steel’s contribution to climate change, finding financing to pay for it is a challenge, said Zoe Knight, head of HSBC’s ( HSBA.L ) Centre for Sustainable Finance.
“As we currently stand, the economics of decarbonizing don’t really add up,” she told Reuters in an interview ahead of the release of her center’s report on moving to zero-carbon steel.
Green bonds – fixed-income securities that raise capital for projects with environmental benefits – have taken off in recent years and are on track to reach up to $250 billion in issuance by the end of the year.
But there are strict criteria for the projects the bonds can be used to finance, which Knight says makes them unsuitable for the steel industry.
Steelmakers need cash to implement new technologies during a period in which they will still emit large amounts of greenhouse gases.
Knight says the development of a new type of green security, called a transition bond, will be key for steel.
These products are aimed at helping businesses gradually switch to more environmentally sustainable operations.
But such bonds could be attractive to companies that want to head off any potential divestment moves by investors.
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