Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Manufacturing/  ArcelorMittal, Tata call for balance in European climate policy
BackBack

ArcelorMittal, Tata call for balance in European climate policy

EU leaders to meet in Brussels on 20-21 March as they look to set an end-of-year deadline for a decision on climate and energy strategy for 2030

The CEOs of 64 European steel companies, including the European units of Luxembourg-based ArcelorMittal and Tata Steel Ltd, signed an open letter to EU heads of state and govts. Photo: BloombergPremium
The CEOs of 64 European steel companies, including the European units of Luxembourg-based ArcelorMittal and Tata Steel Ltd, signed an open letter to EU heads of state and govts. Photo: Bloomberg

London: ArcelorMittal is among steel companies that have called for European Union governments to weigh the impact of climate change policy on an industry that provides 350,000 jobs in the region.

The chief executive officers of 64 European steel companies, including the European units of Luxembourg-based ArcelorMittal and Tata Steel Ltd, signed an open letter to EU heads of state and governments, according to a statement on Wednesday from steel lobby group Eurofer.

We, the undersigned CEOs, urge the heads of state and governments to restore balance between industrial, energy and climate policies in order to preserve the competitiveness of the industries which are at the core of the European economy, the letter shows.

EU leaders meet in Brussels on 20-21 March as they look to set an end-of-year deadline for a decision on climate and energy strategy for 2030. The 28-nation bloc is trying to balance Europe’s ambition to lead the global fight against climate change with pledges to revive the region’s industry and cut the reliance on fossil fuels.

The planned framework, under which the commission proposed in January that the EU deepen its emission reductions to 40% by 2030, has divided governments and industry.

While 13 member states including the UK and Germany called earlier this month for a swift decision to adopt an ambitious strategy, a group of nations led by Poland urged further analysis of the proposed policies on the bloc’s economy. The EU’s current target is to reduce pollution by 20% by 2020 from 1990 levels.

Eurofer said in Wednesday’s document that the proposed target is technically and economically impossible to achieve with current technologies.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 12 Mar 2014, 07:05 PM IST
Next Story footLogo
Recommended For You
Manufacturing Stocks
₹557.550.52%
ITC
₹4280.13%
₹2,987.85-0.37%
₹152.852%
Switch to the Mint app for fast and personalized news - Get App