LONDON (Reuters) – Steel, the biggest industrial contributor to climate change, needs innovative financing such as “transition bonds” to help pay the massive costs of turning green, the head of HSBC’s sustainable think tank said. FILE PHOTO: Steel bars are pictured in a mill in Chau Khe village outside Hanoi, Vietnam March 30, 2018. REUTERS/Kham/File Photo Making steel is energy intensive, often using coal, and contributes about 7% of total global emissions of carbon dioxide. While technologies are being developed to lower and eventually halt steel’s contribution to climate change, finding financing to pay for it is a challenge, said Zoe Knight, head of HSBC’s (HSBA.L) Centre for Sustainable Finance. “As we currently stand, the economics of decarbonizing don’t really add up,” she told Reuters in an interview ahead of the release of her center’s report on moving to zero-carbon steel. A shift to zero-carbon steel production by 2050 will require up to $80 billion a year of investment, according to the Energy Transitions Commission, on which Knight sits as a commissioner. This is a major challenge for a cyclical, capital-intensive business like steel with relatively low profit margins of less than 10%, the HSBC report said. Green bonds -… Read full this story
- RICHARD KAY: Harry and Meghan's home move has racked up a huge bill - so are they holding up their end of our royal bargain?
- Bill O’Reilly Out, Tucker Carlson in at Fox News
- The Green New Deal could change the way America builds—here’s how
- Why Your Team Sucks 2018: Buffalo Bills
- Apple, Amazon, and the rest of Big Tech all have a lot to learn from the Green New Deal
- A quick shift to electric vehicles could drive the Green New Deal forward
- Big philanthropy could fuel the Green New Deal—if it learns to listen
- Fashion startups are already proving a Green New Deal could work
- Bill Bestpitch sees Roanoke on an upswing during his years of council service
- The Green New Deal wants farmers to restore the land, not keep wrecking it
'Green' steel needs innovative financing to meet huge bills: HSBC have 334 words, post on www.reuters.com at November 22, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.