Voestalpine's Greentec steel project aims to reduce CO2 emissions by 30% by 2029 compared to 2019 levels. To achieve this goal, the company will replace conventional coal-based blast furnaces with electric arc furnaces powered by green electricity. This will save around 4 million tonnes of CO2 annually and will be one of Austria's largest climate protection programmes.
Gerald Mayer, CFO of voestalpine, said: "We want to strengthen voestalpine's position in the capital market for sustainable financing to target ESG investors. Our Green Financing Framework gives investors the opportunity to play a role on the path to green steel production. By adopting this approach, we broaden our investor base and at the same time contribute to the development of the specialised sustainable bond and loan market. He concluded.
Voestalpine's green financing framework is supported by the use of international green bonds and other environmental financing instruments. The framework has been developed in accordance with the green bond principles set out by the International Capital Market Association (ICMA) and the Credit Market Association (LMA) and has received a favourable rating from Moody's.
Voestalpine's long-term goal is to achieve net zero CO2-emission steel production by 2050. In line with this goal, the company is preparing to take the next major step at its sites in Linz and Donawitz, so that it will continue to be at the forefront of environmental sustainability.
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