ESG Talk Unpacking Scope 2 and Scope 3 Emissions
Dec 20, 2024
Frank Koch, CEO of Swiss Steel Group, discusses decarbonization strategies crucial for the steel industry's impact on climate change. Alberto Carrillo Pineda, CTO of the Science Based Targets initiative, emphasizes emissions transparency to meet scientific targets. Nancy Mahon, Chief Sustainability Officer at Estée Lauder, shares insights on tackling Scope 3 emissions and the unique challenges in the cosmetics sector. The conversation highlights the need for collaboration and innovative approaches to drive sustainability across diverse industries.
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Steel's Critical Climate Role
- Steel is the largest industrial CO2 emitter and plays a crucial role in infrastructure and clean energy buildout.
- Its decarbonization is vital for achieving global net zero and meeting society's needs sustainably.
Renewable Energy in Steel Production
- Use electric steel production with renewable energy to reduce emissions rather than building new blast furnaces.
- Prioritize procuring green electricity for melt shops to lower carbon footprint significantly.
Innovative Circular Economy at Swiss Steel
- Swiss Steel tests hydrogen and recycles metals from old batteries to pioneer circular economy innovations.
- They implement software tools to ensure transparency of product carbon footprint for sustainability.