(Feb 11): Almost all major banks that have pledged to finance low-carbon steel are backing initiatives that will lead to additional greenhouse gas pollution. And with global demand for steel growing, the race is on to develop “green steel,” with companies exploring a plethora of newer, cleaner manufacturing techniques. Between 2016 and mid-2023, 354 banks provided US$429 billion to the 100 biggest steel producers, suggesting that finding capital isn’t the main challenge. And only seven of the 20 banks assessed by BankTrack have explicit sustainable-finance frameworks for steel decarbonisation that define which projects and technologies qualify under emissions-reduction standards. BankTrack has developed its own taxonomy to distinguish between what it considers “real” and “false” solutions for decarbonising steel.

Source: The Edge Markets February 11, 2026 09:04 UTC