Transition to a low-carbon economy is high on the agenda for governments, businesses, and civil society for a greener and more sustainable future. Evaluating opportunities and challenges is vital to controlling the consequences of climate change in terms of development and inclusion in trade. The steel sector, as an energy-intensive industry, is among the hard-to-abate industries in the green transition. Steel companies in developing countries are faced with the uncertainties of the low-carbon transition. On the other hand, a green transition also provides opportunities to businesses.

In this session, panellists will express their ideas and share their experiences from both producers’ and exporters’ points of view for achieving decarbonization, best practices in the steel sector, challenges in financing the transition, the ways to increase circularity in the industry, “common but differentiated responsibilities” of developing countries, risks and opportunities brought by EU's Carbon Border Adjustment Mechanism (CBAM) and other carbon pricing tools, technology transfer, technology transformation, carbon intensity and subsidies.