Article

A report by BankTrack reveals that 19 of 20 major banks financing low-carbon steel projects are backing initiatives termed 'false solutions' that may increase greenhouse gas emissions. These include methods relying on natural gas and hydrogen injection.

The steel industry, responsible for 11% of global emissions, needs up to $335 billion for decarbonization by 2050. However, only 7% of financing from 2019 to mid-2024 supported green initiatives. Lloyds Banking Group is the only bank not funding false solutions, with Barclays and Societe Generale also recognized for aligning with real decarbonization strategies.