Public Action Company Severstal: Severstal and Crédit Agricole CIB sign the Climate Memorandum “Together towards a low carbon future”

January 21, 2022

Severstal and Crédit Agricole CIB sign the Climate Memorandum “Together towards a low carbon future”

Severstal announces that Crédit Agricole CIB has signed up to the steelmaker’s Climate Memorandum, “Together for a low-carbon future”. The memorandum aims to support global efforts to prevent further climate change.

The memorandum was signed by Crédit Agricole CIB on 21st January 2022 in Moscow during the first Climate Memorandum steering committee. The meeting brought together new and existing partners to the agreement (Crédit Agricole CIB, Schneider Electric, Air Liquide, SPECTA and Sveza) and other companies interested in signing the agreement in the future. The first steering committee meeting was held online due to restrictions in Moscow related to the COVID pandemic.

Severstal has created the Climate Memorandum to engage members of its supply chain in actions that will promote a reduction in their carbon footprint, as part of its focus on collaborating for decarbonization. Severstal is one of the first steel producers in Russia to calculate its scope 3 GHG emissions and works closely with companies that contribute to emission “hot spots” in the company’s supply chain to help them reduce their carbon footprint.

Alexander Shevelev, CEO of Severstal, commented:

“Severstal pays close attention to the issue of climate change. We are making great efforts to minimize the carbon footprint of our operations and are also working with our partners on joint decarbonization initiatives. It is very encouraging to see the business community support our initiative. The number of partners to our Memorandum continues to grow, reflecting a mutual enthusiasm among responsible businesses to work together to tackle global climate change.”

The Memorandum contains five guidelines as well as recommendations for their implementation. Those who support the memorandum commit to:

  • the implementation of the climate agenda in their corporate governance practices;

  • assess greenhouse gas emissions and set reduction targets;

  • managing climate risks and adapting to climate change;

  • support the development and implementation of low-carbon technologies; and,

  • build responsible interaction with stakeholders.

François Martin, Chairman of Crédit Agricole CIB AO, added:

“Crédit Agricole CIB welcomes Severstal’s Climate Memorandum “Together towards a low carbon future”. The Crédit Agricole group is a member of the Net Zero Banking Alliance Initiative of the United Nations Environment Program (UNEP) and, as such , undertakes to align the GHG emissions generated by its own activities and those related to its financing and investments with the trajectory of carbon neutrality in 2050. In line with the Group’s Company Project, Crédit Agricole CIB confirms its commitment to support its customers in their energy transition and decarbonization strategy.

Benefiting from leading positions in the sustainable finance markets, Crédit Agricole CIB wishes to support the sustainable development path of its clients and sincerely hopes that its shared expertise within the Climate Memorandum “Together towards a low carbon future” which has just been launched Severstal can help foster decarbonization initiatives in the Russian steel sector.

The complete Memorandum is available on our website: https://www.severstal.com/contant-static/file/75897/Memorandum_EN_vers1.pdf

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