Article

BankTrack's analysis shows that nearly all major banks, except Lloyds Banking Group, are financing steel projects classified as 'false solutions' that could increase greenhouse gas emissions. The report indicates that steelmaking, which accounts for 11% of global emissions, is critical for decarbonization, requiring substantial investment.

Between 2016 and mid-2023, banks provided $429 billion to top steel producers, yet only 7% targeted green initiatives. Effective decarbonization methods include electric-arc furnaces with renewable energy and green hydrogen. Lloyds, Barclays, and Societe Generale were noted for their alignment with true decarbonization strategies.