WSA, CISA and ULI Greenprint launch initiative to promote low-carbon steel in China's property sector

Mysteel Global: The World Steel Association (WSA) on 6 December officially released a collaboration statement to promote the application of low-carbon emissions steel in China's real estate industry, Mysteel Global learned.

Co-convened with the China Iron and Steel Association (CISA) and the Urban Land Institute (ULI) Greenprint, the initiative aims to accelerate the transition of the steel market toward low-carbon products while supporting China's property sector in reducing its carbon footprint.

The collaboration statement calls on major real estate enterprises and steelmakers in China to voluntarily commit to advancing the use of low-carbon steel products, according to WSA.

It has garnered support from WSA's members such as Baosteel, the listed arm of the world's top steelmaker China Baowu Steel Group, HBIS Group, Shougang Group, Nanjing Steel and ArcelorMittal. Prominent real estate developers, including Hang Lung Properties, Swire Properties, Shui On Land, and Sino-Ocean Group, along with other institutions, are also among the first signatories.

Statement signatories pledge to enhance the transparency of carbon emissions data throughout the lifecycle of steel products, incorporate low-carbon steel options in real estate projects procurement processes where feasible, and collaborate to address challenges such as cost and availability. The statement also advocates for establishing globally recognized standards for low-carbon steel, applicable to both local and international markets.

Steel production is one of the largest sources of carbon emissions globally, accounting for approximately 7-9% of direct emissions from fossil fuel use. As the world's largest steel producer and consumer, China holds a critical role in the decarbonization of the sector. This effort also aligns with the country's targets to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, WSA highlighted.

Meanwhile, the real estate industry, which accounts for around 30% of China's total steel consumption, has significant potential to drive demand for low-carbon steel and contribute to emissions reduction across the steel value chain, the association acknowledged.

Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.