Severstal and Crédit Agricole CIB sign Climate Memorandum "Together towards a low-carbon future"

Severstal announces that Crédit Agricole CIB has joined its Climate Memorandum, "Together for a low-carbon Future". The Memorandum aims to support global efforts to prevent further climate change.

Concept depicting the issue of carbon dioxide emissions and its impact on nature in the form of a pond in the shape of a co2 symbol located in a lush forest

The Climate Memorandum "Together for a low-carbon Future", was signed by Crédit Agricole CIB on 21st January 2022 in Moscow during the Climate Memorandum’s first Steering Committee meeting. The meeting was attended by 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 relating to the COVID pandemic.

Severstal created the Climate Memorandum to commit members of its supply chain to measures that will support a reduction in their carbon footprint, as part of its focus on collaboration for decarbonisation. Severstal is one of the first steel producers in Russia to calculate its scope 3 GHG emissions and is working closely with businesses that contribute to emissions ‘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 take great efforts to minimise the carbon footprint of our operations and also collaborate 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 is continuing to grow, reflecting a mutual enthusiasm from responsible businesses to work together to address global climate change.”

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

  • implementing the climate agenda within their corporate governance practices;
  • assessing greenhouse gas emissions and setting reduction targets;
  • managing climate risks and adapting to climate change;
  • supporting the development and implementation of low-carbon technologies; and,
  • building responsible interaction with stakeholders.

François Martin, President 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 Programme (UNEP) and, as such, is committed to aligning the GHG emissions generated by its own activities and those related to its financing and investments with the carbon neutrality trajectory in 2050. In line with the Group’s Societal Project, Crédit Agricole CIB confirms its commitment to support clients in their energy transition and decarburization strategy. Enjoying leadership positions on Sustainable finance markets, Crédit Agricole CIB is keen to accompany its clients’ sustainability journey and truly hopes its expertise shared within Climate Memorandum "Together towards a low-carbon future" just launched by Severstal can help foster the decarbonisation initiatives in the Russian steel sector.”