Shaping a credible market for low-emissions steel

Steel accounts for roughly 11 percent of global greenhouse gas emissions, yet deployment of near-zero technologies remains constrained by high capital costs, long asset lifetimes, and limited ability for buyers to physically procure low-emissions steel. A credible book-and-claim system can help bridge this gap by enabling a broader set of market participants to financially support low-emissions production, even when physical supply chains cannot yet shift. 

RMI developed the Steel Book and Claim Framework, a market-based mechanism designed to accelerate investment in low-emissions iron and steel production while ensuring transparency, credibility, and environmental integrity. 

The framework was developed through structured engagement with corporate buyers, producers, technical experts, and a public stakeholder consultation. It establishes the core design rules for a steel book-and-claim system, including functional units, eligibility criteria, emissions performance measurement, guidance on certificate issuance, transfer and claims, accounting and reporting requirements, and measures to prevent double counting. By linking verified emissions performance to transparent certificate issuance and tracking, the framework strengthens buyer confidence and helps producers de-risk early investments in low-emissions steel production. 

If you have questions about the framework or would like to learn more about this work, please contact Wenjuan Liu at wliu@rmi.org or Maeve Masterson at maeve.masterson@rmi.org.