The steel industry accounts for around 7% of global greenhouse gas (GHG) emissions and 11% of global CO2 emissions. This is mostly due to the use of metallurgical coal in blast furnaces. To decarbonize the steel industry, financial institutions must urgently restrict financing for metallurgical coal expansion.
Metallurgical coal mining itself – like thermal coal mining – is also responsible for GHG emissions and negative impacts on local communities.