Steel production, which uses coking coal, is one of the dirtiest industries in the world. But could a decision by Dutch bank ING to phase out dedicated financing for new ‘unabated’ steel blast furnaces and for the extension of existing unabated blast furnaces, as well as new coking (or metallurgical) coal mines or the expansion of existing ones, be a major turning point in making steel more ‘green’?
“We have decided to no longer provide dedicated finance to new coking coal mines or the expansion of existing coking coal mines,” a spokesperson for the bank said. “We will take an engagement-based approach for clients that are involved in operating coking coal mines, asking them to explain to us how they plan to align with 1.5°C goals on time.”
