Corporate climate scores, carbon emissions, and investment in decarbonisation in the steel industry. What do ratings tell us?

IF 5.4 Q1 ENVIRONMENTAL SCIENCES Environmental and Sustainability Indicators Pub Date : 2024-09-17 DOI:10.1016/j.indic.2024.100481
Charlie Cregan , J. Andrew Kelly , J. Peter Clinch
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Abstract

Steel production is a critical economic activity and amongst the largest industrial consumers of energy. The industry faces a complex and costly task to decarbonise in line with global climate targets. This paper evaluates the performance of environmental and emissions scores within leading Environmental, Social and Governance (ESG) ratings products in capturing carbon emissions outcomes and investment in low-carbon production amongst major steel producers. We assess data for 75 steel producers, representing 65% of global production. We find no strong evidence that environmental or emissions scores reflect either levels of, or changes in, firms’ total greenhouse gas emissions or emissions intensity in the period 2013–2022. Overall, ‘good’ scores are not explained by available emissions or investment data. These findings for a critical industry emphasise the need for methodological transparency from all ratings providers, more research into ratings’ performance in reflecting outcomes and investments, and further policies to enhance disclosures from firms and rating agencies.

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钢铁行业的企业气候评分、碳排放和脱碳投资。评级说明了什么?
钢铁生产是一项重要的经济活动,也是最大的能源消耗工业之一。该行业面临着一项复杂且成本高昂的任务,即根据全球气候目标实现脱碳。本文评估了主要环境、社会和治理(ESG)评级产品中的环境和排放评分在捕捉主要钢铁生产商的碳排放结果和低碳生产投资方面的表现。我们评估了占全球产量 65% 的 75 家钢铁生产商的数据。我们发现,没有有力证据表明环境或排放评分反映了企业在 2013-2022 年期间的温室气体排放总量或排放强度的水平或变化。总体而言,现有的排放或投资数据无法解释 "好 "的得分。对于一个关键行业而言,这些发现强调了所有评级提供商需要提高方法的透明度,对评级在反映结果和投资方面的表现进行更多研究,并进一步制定政策以加强企业和评级机构的信息披露。
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来源期刊
Environmental and Sustainability Indicators
Environmental and Sustainability Indicators Environmental Science-Environmental Science (miscellaneous)
CiteScore
7.80
自引率
2.30%
发文量
49
审稿时长
57 days
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