The Climate Bonds Standard and Certification Scheme is a labelling scheme for Entities, Assets and Debt Instruments. Rigorous scientific criteria ensure that Certified investments in climate mitigation are consistent with the 1.5owarming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.


Status: The Steel Criteria is available for Certification



  1. Steel Criteria Document
  2. Steel Background Paper
  3. Public Consultation Summary
  4. Steel FAQs
  5. Climate Bonds Standard v4.0


  1. Steel Criteria Document 
    (Chinese) 钢铁行业认证标准
  2. Steel Criteria Document 
    Japanese Draft 仮訳鉄鋼に関する判断基準
  3. Critério de Aço (Portuguese)
  4. Criterios del acero (Spanish)


   Get Certified!



Complete Package for Steel Industry expands Certification under the Climate Bonds Standard and Opportunities for Policymakers to guide the sector on a climate-aligned pathway launched now!

Criteria: The Steel Criteria lay out the requirements that Steel production asset, projects must meet to be eligible for inclusion in a Certified Climate Bond and for company's on a credible transition path to issue transition labelled debt. The Criteria apply to manufacture and production of steel and do not address other stages of the value chain. 

The Criteria contain Mitigation Requirements, Adaptation & Resilience Requirements and Transition Requirements.

Financial instruments (bonds and loans) linked to these eligible assets, activities and entities will be aligned with the Paris Agreement and the goal of keeping global temperature rises to no more than 1.5oabove pre-industrial levels.

Public consultation:

A webinar was held on the 23 of June 2022 to launch the Criteria for public consultation. The recording of that webinar is below.

Why develop eligibility Criteria for steel investments?

Improved guidance, such as these Criteria, will guide investors to invest in credible transition activity; guide asset owners to upgrade and guide policy makers to incentivise the transition and can be utilised by governments in setting regulation or recommendations for decarbonising the sector.


A Green Future for Steel: Policy to accelerate the steel transition

The 2020s offers a perfect opportunity for the steel industry to transition in Europe. 74% of EU steel blast furnace capacity needs reinvestment by 2030, and blast furnaces have a life span of decades. Coming investment cycles will lock plants into a specific production process. Policymakers must guide industry and investors onto a climate-aligned pathway for steel. Learn more in Climate Bonds' policy paper A Green Future for Steel.


The Technical and Industry Working Groups (TWG and IWG)

To create the Criteria, we convened a Technical Working Group (TWG) and an Industry Working Group (IWG) with representatives from investors, public entities, research institutes and international policy bodies from around the world.  These experts ensure a robust pragmatic criteria is developed.


The Steel Criteria Technical Working Group Members



Technical Lead

Ali Hasanbeigi

Global Efficiency Intelligence

Robert Adamczyk

EBRD and EU Platform for Sustainable Finance

Dr. Max Åhman

Lund University

Dr. Rutger Gyllenram

Kobolde & Partners AB

Dr. Brenda Chan


Dan Gardiner




Lucy Kessler

Rocky Mountain Institute

Lachlan Wright

Rocky Mountain Institute

Hongyou Lu

Lawrence Brekeley National Laboratory (LBNL)

Dr. Sha Yu

Pacific Northwest National Laboratory

Dr. Zushu Li

WMG The University of Warwick

Antonina Scheer 

Transition Pathway Initiative (TPI)

Fabiana Contreras

Climate Bonds Sustainability Analyst Coordinating the Process


Industry Working Group (IWG) Members*



Affirmative Investment Management

Arcelor Mittal





Danske Bank



ERM Certification and Verification Services


Institutional Shareholder Services ESG

Japan Credit Rating Agency

JSW Steel

National Australia Bank

NN Investment Partners



Societe Generale Corporate and Investment Banking

Sustain Advisory


Tata Steel




World Steel Association


*Members of the IWG have provided critical and useability-focused consultation and feedback on the Criteria, but this does not automatically reflect endorsement of the criteria by all members.


Financial instruments (bonds and loans) linked to these eligible assets, activities and entities will be aligned with the Paris Agreement and the goal of keeping global temperature rises to no more than 1.5oabove pre-industrial levels.