Boston Metal was honored to be one of seven companies featured in the U.S. Center’s First Movers Coalition display at the 27th United Nations Climate Change Conference (COP27) held November 6-18th in Sharm El-Sheikh, Egypt. The First Movers Coalition is a global initiative harnessing the purchasing power of companies to decarbonize “hard-to-abate” industrial sectors that currently account for 30% of global emissions. Steel is among these sectors, along with aluminum, aviation, chemicals, concrete, shipping, and trucking.
The U.S. Center at COP27 included hands-on exhibits and experiences for each of the seven companies. Boston Metal’s exhibit featured a large piece of green metal produced in a MOE cell at Boston Metal’s plant in Massachusetts, as well as a video depicting Boston Metal’s technology.
Advancing emissions-free steel was top of mind in the conversations that took place at COP27. Among the positive outcomes was a package of actions under the Breakthrough Agenda put forth by the governments of 45 countries that focus on steel production and other sectors that account for more than 50% of total global greenhouse gas emissions.
We at Boston Metal are dedicated to bringing our MOE platform to market by 2026 to make affordable, widely available green steel a reality
Launched last year at COP26, the Breakthrough Agenda is the largest-ever collaborative effort to reduce the cost of cutting emissions across power, transport, steel, hydrogen, and agriculture, in line with the 1.5°C trajectory. The package might be the catalyst the green steel transition needs to gain momentum. Targets include new policies to stimulate the international procurement of green industrial materials, financial support, and industry partnerships. The package also clearly outlines the need to strengthen the financial and technological support necessary to drive green steel transitions globally, including establishing dedicated Climate Investment Funds.
Financial and government support is invaluable, as the transition to green steel will be costly. Wood Mackenzie and the International Energy Agency estimate $1.4 trillion would be required to decarbonize the iron and steel sector by 2050.
In addition, the package includes plans to develop better definitions for low-emission steel and near-zero emissions steel, which will be presented in 12 months. Once approved and adopted, these definitions will help encourage greater transparency and credibility in the steel sector.
This year’s climate change conference underscored that there is still immense work to be done to significantly lower emissions across global economies. However, the growing attention green steel has received over the last year is very encouraging. We at Boston Metal are dedicated to bringing our MOE platform to market by 2026 to make affordable, widely available green steel a reality.
About Boston Metal
Boston Metal is commercializing Molten Oxide Electrolysis (MOE), a tonnage metals technology platform powered by electricity, to decarbonize steelmaking and transform how metals are made. MOE provides the metals industry with a scalable, cost-competitive and green solution for the production of steel and high-value metals from a variety of feedstocks and iron ore grades. Backed by visionary investors and led by a world-class team, Boston Metal is headquartered in Woburn, Massachusetts and has a wholly owned subsidiary in Brazil.