Emission possible : what are the barriers and incentives for harmonising emission reporting in the steel industry?

Abstract

This paper explores the fragmentation and harmonisation challenges within the emission reporting landscape, specifically through a case study of the steel industry. Central to climate mitigation policies, accurate and verifiable GHG emission data is crucial for effective policymaking, increases accountability, and can spur green investments. The steel industry, significant in its contribution to both global GHG emissions and trade, presents a complex case for aligning diverse international emission measurement, disclosure and reporting standards. Interviews with key stakeholders reveal that the barriers to harmonisation are deeply political– influenced by entrenched business interests and the anticipation of stricter future regulations. Despite the critical need for harmonisation, the benefits may appear too longterm to prompt immediate action. The paper argues for greater policy interventions considering geopolitical influences and advocates for ‘interoperability’ as a pragmatic approach towards harmonisation. This study contributes to closing the knowledge gap between industry, academia and provides policy recommendations.