Steel is a major contributor to global emissions, and the industry is only expected to grow, owing to demand by emerging economies. This increase in demand and production necessitates the urgent transition to green steel production pathways. International finance institutions (IFIs) such as multilateral development banks (MDBs) can play a catalytic role in ensuring that developing and emerging economies benefit from and are included in this transition. As the G20 sets out the mandates of IFIs and international climate finance, its member states have the opportunity to be key players in rolling out low-carbon steel production globally. Based on interviews with IFIs, this Policy Brief offers five recommendations to nurture collaboration between the G20 and IFIs to build the necessary knowledge, support, and infrastructure for a rapid transition to ‘green steel’ in developing and emerging economies.
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