Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 95

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 95
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 2024/1760 sets out an obligation for large companies to adopt and put into effect, through best efforts, a transition plan for climate change mitigation aligned with the 2050 climate neutrality objective of the Paris Agreement as well as intermediate targets under the European Climate Law. ArcelorMittal has established and updated policies in response to these requirements. It aims to assess risks by identifying them with regards to negative impacts on human rights within the Company's value chain; to deal with negative impacts by taking preventive measures to minimize and remedy potential impacts; to follow up on the progress of these measures; to communicate the results to its stakeholders; and to set up complaint mechanisms. In December 2015, 195 countries participating in the United Nations Framework Convention on Climate Change (“UNFCC”), at its COP21 held in Paris, adopted a global agreement on the reduction of climate change (the “Paris Agreement”). The Paris Agreement sets a goal to limit the increase in the global average temperature to well below 2 degrees Celsius and pursues efforts to limit the increase to 1.5 degree Celsius, to be achieved by getting global GHG emissions to peak as soon as possible. The Paris Agreement consists of two elements: first, a legally binding commitment by each participating country to set an emissions reduction target, referred to as nationally determined contributions (“NDCs”), with a review of the NDCs that could lead to updates and enhancements every five years beginning in 2023 (Article 4), and second, a transparency commitment requiring participating countries to disclose in full their progress (Article 13). Most countries have issued their intended NDCs.

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| Management report |

The United Nations Climate Change Conference COP 28 reached a deal for transitioning away from fossil fuels in energy systems, in a just, orderly, and equitable manner, as well as on tripling renewable energy capacity globally by 2030, speeding up efforts to reduce coal use, and accelerating technologies such as CCUS that can decrease emissions of hard-to-abate industries. By 2025, countries must present their updated NDCs aimed at being aligned with the 1.5 degree Celsius limit. At COP 29, a new collective quantified goal on climate finance destined towards developing countries was reached, and the rules for the operationalization of Article 6 of the Paris Agreement, which provides for bilateral and global carbon trading were finalized. On July 14, 2021, the European Commission adopted the Fit for 55 Package with a view to adapting climate and energy legislation