MKB joins forces with international banks to decarbonize steel sector

Credit Bank of Moscow (MKB) has joined as an expert observer and reviewer the Steel Climate-Aligned Finance Working Group formed by six global banks: Citi, Goldman Sachs, ING, Societe Generale, Standard Chartered, and UniCredit in order to steer banks' efforts, establish common terms of reference and a level playing field for the banking sector as regards managing GHG emissions in the steel sector.

The Working Group's major tasks are to design methodologies and effective practical banking tools to support steelmakers in reducing their GHG emissions, chart a road map for steel sector decarbonisation, and craft a single framework of performance indicators and metrics.

The Working Group is to release a Climate-Aligned Finance Agreement for Steel, binding signatory banks to make sure the carbon footprint associated with their steel sector exposures meets the 1.5°C climate targets of the Paris Agreement.

"We thank the Working Group members for inviting us to join them as an expert observer and reviewer in solving such an important issue, and our Sustainable Development Division is ready to provide expert support. The Working Group was certainly formed at a very opportune moment, when it can hopefully make a meaningful contribution for a productive dialogue at the conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC COP-26) to be held this autumn," commented Julia Titova, MKB's First Vice President.