ArcelorMittal accused of greenwashing before the arrival of the Olympic flame in France – Firstpost

Environmental groups accused ArcelorMittal of greenwashing their image with the Paris Olympics, a day before the Olympic flame arrived in France. The flame is kept in a torch forged with low-carbon steel from the world’s second largest steelmaker.

They said the company, which emits as much carbon as Belgium, is using the Summer Games to polish its image even though it has failed to meet its green commitments.

A report from advocacy group SteelWatch reveals that ArcelorMittal has spent only a third of the $1.5 billion it promised to invest in decarbonization over the past three years.

Activists said the company returned $22 to shareholders for every dollar invested in decarbonization.

“As ArcelorMittal prioritizes shareholder returns and fossil fuel steel production over climate action, the company consistently presents itself as a green champion, including as a sponsor “official of this year’s Olympic Games in France, where it supplied ‘low carbon’ steel for the Olympic Flame,” said the activist groups, which also include the Fair Steel Coalition.

ArcelorMittal has publicly supported its role in supplying low-carbon recycled steel for the Olympic flame and rings that will adorn the Eiffel Tower during the Paris Games in July and August.

Activists also accused ArcelorMittal of pursuing two-speed decarbonization with green steel projects in Canada and Europe while continuing to build and use coal-fired furnaces in India and elsewhere.

The steel industry accounts for around seven percent of global CO2 emissions.

An ArcelorMittal spokeswoman told AFP that the group plans to reduce its global emissions by a quarter by 2030 and achieve carbon neutrality in 2050.

She said the company had launched a plan to reduce its carbon emissions in India by recycling more steel and industrial gases, as well as switching to natural gas and hydrogen to power its blast furnaces.

(with contributions from AFP)