ESG Today writes that steelmaking is one of the hardest to decarbonize of all industries as it accounts for 7-9% of the world's direct greenhouse gas emissions, but H2 Green Steel's products could change that.

The company recently announced that it raised 1.5 billion euros in equity financing, which it will use in order to build the world's first large-scale green hydrogen steelmaking plant. One of H2 Green Steel's goals is to produce 5 million tons of zero-emission steel by 2030.

Scania, Mercedes-Benz and BMW are three other customers of the Swedish green steel manufacturer, also contracting the company for automotive production.

Andrea Fuder, Chief Purchasing Officer of Volvo Group, said that "collaborations which support our work to reduce emissions are crucial on the path towards net zero. Steel is a big contributor to the footprint of our products, and working together with both established and new players for developing decarbonized materials is key to advancing our progress in sustainable transport and infrastructure solutions."

In order to ensure a net-zero value chain by 2040, Volvo started collaborating with steelmaking company SSAB, which will also deliver low-carbon steel to the heavy equipment maker.