The owners behind Hybrit will join a newly formed leadership group for industry transition which was launched yesterday at the Climate Summit in New York by Swedish Prime Minister Stefan Löfven.
The Hybrit (Hydrogen breakthrough ironmaking technology) initiative, owned by Swedish power company Vattenfall, Swedish-Finnish firm SSAB and Swedish mining corporation LKAB, aims to accelerate the transition to low carbon pathways in line with the Paris Agreement goals.
The new leadership group will work to accelerate the transition all industry sectors to low carbon pathways in line with the goals of the Paris Agreement, while pursing efforts to reach net-zero carbon emissions by 2050.
“I think we can argue that Hybrit is one of the most ambitious industrial transition projects globally today. All three companies have made commitments to be fossil free already by 2045, we have a concrete timetable and have through Hybrit started construction and made investments to begin the transition,” said Jan Moström, President and CEO of LKAB.
“The steel industry is seen as one of the ‘hard to abate’ sectors, but we firmly believe that net zero emission is possible. That’s why we took the initiative to create Hybrit,” said Martin Lindqvist, President and CEO of SSAB.
“With Hybrit and Leadership Group, we take the opportunity to be part of the transition and work on solutions for the most important challenge of our time,” said Magnus Hall, President and CEO of Vattenfall.
The leadership group will provide conditions for successful and enhanced implementation of Paris Agreement while acknowledging the principles and provisions of United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement including equity and CBDR-RC.
“Together we want to inspire others to collaborate across organisational boarders as real change and new business opportunities require a fossil-free value chain approach.”