Publications » Position papers » Sustainable finance taxonomy update
Sustainable finance taxonomy update
Downloads and links
Recent updates
EUROFER welcomes the legislative proposal to mobilise investments in the EU in view of achieving the Paris Agreement and Europe’s 2030 & 2050 climate goals. Achieving these goals will require massive transformative investments for development, demonstration and scaling up of new technologies in a relatively short period of time. Therefore, the proposed EU taxonomy should not hinder innovation and the transition of the European steel industry to climate neutral and circular economy. The issue of up-scaling projects to industrial scale needs to be at the center of ongoing policy discussions, including access to finance, awareness of risks and benefits, long-term
predictable policy frameworks, etc.
By 2050, the steel industry hopes to have shifted from high dependence on fossil energy and raw materials to become a low-carbon energy-based sector integrally part of the circular economy. The aim is, by this time, to emit at least 80% less CO2 compared to 1990 levels. Europe will be a leading provider of low-carbon products, services and technologies worldwide - access to investment will
be key to making this successful.
Download this publication or visit associated links
The outlook for the European steel market in 2024 continues to lose momentum amidst persisting challenging conditions. Downside factors such as worsening geopolitical tensions, coupled with growing economic uncertainty, energy prices, inflation, interest rates have further impacted demand prospects. According to EUROFER’s latest Economic and Steel Market Outlook, these challenges have exacerbated the negative effects on apparent steel consumption, resulting in a more severe downturn in 2023 than previously projected (-9%, instead of -6.3%) and weaker growth in 2024 (+3.2%, instead of +5.6%). Output in steel-using sectors, despite showing more resilience than expected in the past year (+1.1%), is now set to decline (-1%). Imports are once again on the rise (+11% in the last quarter of 2023), capturing a staggering 27% market share throughout 2023.
Second quarter 2024 report. Data up to, and including, fourth quarter 2023
Brussels, 22 March 2024 – The future of a strong and resilient EU can only be forged with steel made in Europe. Europe-made low-carbon steel has a strategic role as it enables a net-zero economy, but today it faces strong headwinds from high energy prices, unfair competition, global overcapacity and growing unilateral carbon costs. The year 2023 has recorded the lowest European crude steel production levels ever, with a number of idled plants and dire impact on workers. Ensuring the enabling conditions for the short-term viability and the decarbonisation of the steel sector urgently needs to be at the top of the EU agenda. This is the message delivered by the European Steel Association together with a number of high-level representatives of the sector on the occasion of the Clean Transition Dialogue on Steel in the presence of the Executive Vice Presidents of the European Commission, Maroš Šefčovič and Margrethe Vestager.