On stage at COP30 with colleagues from Siemens, Scania, and the Nordic Investment Bank, one message was clear: the world is no longer debating whether we need green steel — the question is how fast we can scale it.
Steel underpins every major transition pathway, from transport to renewable energy. Yet despite real technological progress, demand signals and policy frameworks still lag behind what the world needs to meet its climate targets.
At COP30, I had the chance to sit down with some of our strategic customers who share our ambitious emissions reduction targets. The discussion only further crystallized the actions that will define whether the next decade becomes the tipping point for green steel — and how we can accelerate that together with the leading customers.
Check out the video highlights above from our discussion at the Finland Pavilion: Scaling Green Steel Across the Value Chain – or read on to get the insights from our panel.
First movers are delivering
At Outokumpu, we’ve spent more than a decade proving what’s possible with low-emission stainless steel. With electric arc furnaces, maximized circularity and access to low-carbon energy, we’ve reduced our carbon footprint by up to 75% compared to the global industry average. That journey has been strengthened by partners like Siemens and Scania — companies willing to commit early, experiment with greener materials, and place real orders.
But voluntary action isn’t enough to build a market at the scale needed by the green transition.
Eva Riesenhuber from Siemens put it plainly: sustainability is good business, but supply will not expand without strong demand signals. Siemens’s target of 100% green steel by 2030 is bold — and it shows what is already technologically feasible.
Fredrik Nilsson from Scania outlined Scania’s shift to electric vehicles moves emissions from the use phase to materials, making steel, aluminum, and batteries the new emissions hotspots. Their challenge to suppliers is clear: move before 2030 or fall behind.
My takeaway: first movers are not asking for rewards. We are asking for a level playing field where clean materials can compete fairly. That means carbon pricing that reflects real costs, stable policy frameworks, and public procurement criteria that value low-emission materials. Without these mechanisms the market won’t scale in time to meet the expected demand.
Policy must keep up and support first-movers
Across the panel, we kept returning to one word: stability. The core tools are already in place — carbon pricing, ETS, and CBAM in Europe (though some adjustments are necessary in these cases). But when timelines shift, pressure decreases, and uncertainty creeps in; regulation becomes uncertain and investments are delayed.
Fredrik highlighted the EU Emissions Trading System (ETS) 2 as a specific example. When ETS 2 was postponed for a year, it sent mixed signals. Companies have invested millions in electrification, new materials, and pilot plants. Without certainty, those investments become harder to justify, even for committed front runners.
There’s also the risks of high-emission, lower-cost imports undercutting European steel. This weakens companies who have invested in enabling lower-emission products, whether through renewable energy, new technologies, or even improving circularity. Without fair regulations, our climate ambition risk being undercut by companies navigating through loopholes.
- If policymakers want to accelerate green steel, the most impactful actions are simple:
- Hold the line and don’t step back from climate commitments
- Make carbon pricing clear and predictable for industries.
- Keep ETS and CBAM timelines firm.
- Strengthen enforcement and close loopholes so clean producers and early adopters are not undercut by cheaper, high-emission imports.
- Establish lead markets for low-emission materials through public procurement and incentives
Maintaining global momentum
Despite difficult negotiations in Belém at COP30, there is still momentum happening around the world for industries to drop their emissions. Circularity, renewable energy, and sustainable innovations continue to develop.
If I were to summarize our collective message to policymakers at COP30, it would be this:
We have the technology. We have the early demand. What we need now is strong global carbon pricing and clear, stable policy to make green steel a vehicle for decarbonization at scale.
Pooling demand across sectors — as Eva suggested — can accelerate scale. Ensuring parity between high-emission and low-emission materials can unlock fair competition. And embedding circularity into incentives can transform value chains.
The next decade will define whether industry leads the green transition or struggles to catch up. I believe we’re ready to lead — but we won’t get there alone. Industry, finance, and policymakers must move together.
Check out more insights and learn about Outokumpu’s presence at COP30 here
