Bluescope Steel
 

Greenhouse Policy Principles

 

AT BLUESCOPE STEEL WE STRIVE TO CONTINUALLY IMPROVE OUR ENVIRONMENTAL FOOTPRINT. WE ARE COMMITTED TO REDUCING THE GREENHOUSE GAS INTENSITY OF OUR OPERATIONS. WE ARE ALSO PLAYING AN ACTIVE ROLE IN THE GLOBAL STEEL INDUSTRY’S EFFORTS TO REDUCE GREENHOUSE GAS EMISSIONS.

BlueScope’s steel products will play an integral role in reducing society’s greenhouse gas emissions, including:

  • as components in renewable energy infrastructure (e.g. wind towers; gas pipelines; solar power plants),
  • in more sustainable transport infrastructure (e.g. trains; buses; lighter, more efficient steel products for cars),
  • and in greener, more energy efficient buildings.

Steel is 100% recyclable and its life is potentially infinite.

BlueScope’s Australian steelmaking plants are world competitive, and around half the steel products we make each year are exported.

We work hard to maintain our competitiveness. In contrast, many overseas steelmakers receive subsidies and other support to help them export. Policy that puts higher costs on Australian steelmakers but not on overseas steelmakers risks undermining our competitiveness.

Greenhouse policy principles

  • Global issue - Reducing greenhouse gas emissions is a global problem that requires a global approach.
  • Least cost - Australia should adopt policy that achieves emissions targets at least cost. Putting a price on carbon which is visible to consumers and producers, through a market mechanism (emissions trading or carbon tax), is likely to drive least cost abatement.
  • Fair go - The competitiveness and financial viability of Australia’s trade exposed steel industry must not be eroded. We cannot place our industries at a disadvantage to the rest of the world. Transitional measures for trade exposed industries - including the steel industry - will be essential for as long as our global competitors (India, China, US, Japan, Korea and Taiwan) do not face comparable carbon costs.
  • Cut green tape - A single national carbon policy should be the goal of governments. Complementary policy measures adopted by Federal and State governments must be effective and least cost, and address recognised market failures. These policies must avoid market distortions or perverse incentives, overlap and unnecessary compliance costs and regulatory burden.
  • Reinvest - Revenue raised by a carbon price should be earmarked for investment in greenhouse gas abatement and assistance for households and industry. Policy should provide incentives for research & development and investment in abatement, including appropriate recognition for early movers.
  • No leakage - Policy must not lead to carbon leakage, by which Australian production is simply replaced by foreign production that may, in fact, be less carbon efficient.
  • One in, all in - Policy should be comprehensive, including all sectors of the economy (and imports where appropriate), and be transparent.
  • Investment certainty - Policy must recognise the very long time horizons for investment in the steel industry, including for potential next generation lower emissions iron and steelmaking technology.