ArcelorMittal Revises Emissions Targets, Sparks Criticism from Climate Advocates
ArcelorMittal has officially revised its 2030 carbon intensity targets, now aiming for a maximum 10% reduction instead of the previously set 25%. This change raises concerns regarding the company's commitment to its long-term net-zero goal by 2050 amidst criticism of inadequate decarbonization strategies.
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ArcelorMittal's revised emissions intensity targets indicate a significant shift, aiming for just a 10% reduction by 2030 compared to a previous goal of 25%. The steelmaker has also abandoned its Europe-specific target of a 35% reduction by the same year, which had been established in 2021.
The company has reported a 47.7% decrease in absolute Scope 1 and 2 emissions since 2018 and maintains its net-zero ambition for 2050. However, the revisions have drawn criticism from SteelWatch, which argues that the lack of short-term milestones undermines the credibility of ArcelorMittal's climate strategy. Additionally, the company is advocating for changes in the EU Emissions Trading Scheme, suggesting a shift in its approach to carbon pricing that may hinder transformation efforts.
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