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Sveza and Specta join Severstal’s Climate Memorandum “Together towards a low-carbon Future”
1 December 2021

PAO Severstal, one of the world's leading vertically integrated steel and steel-related mining companies, announces two new partners that have joined Severstal’s Climate Memorandum “Together towards a low-carbon Future” in support of global efforts to prevent further climate change.

On November 29, Sveza and Specta signed agreements with Severstal as part of the Finnish-Russian Meeting of ESG Directors at the Embassy of Finland in Moscow. Earlier, Schneider Electric and Air Liquide joined the Memorandum.

Today, the pace and scale of climate change are unprecedented in the history of mankind. It has obvious negative consequences for sustainable economic development, the wellbeing of society, and the conservation of nature and biodiversity. Severstal is one of the first steel producers in Russia to have calculated its Scope 3 GHG emissions. It is also working closely with businesses that contribute to emissions ‘hot spots’ in Severstal’s supply chain, to help them reduce their carbon footprint.

“Severstal pays close attention to the issue of climate change. We take great efforts to minimize the carbon footprint of our own operations and engage with our partners on joint decarbonization initiatives. I am delighted that the business community has supported our initiative, and more and more environmentally responsible partners that share our concern over climate change are joining it,” says Alexander Shevelev, CEO of Severstal.

“We are excited to become part of the community of the companies that have joined the Climate Memorandum. Sveza consistently implements its development strategy that is based on the principles of responsibility and respect for nature and the right of future generations to a clean planet. We commit to leveraging all formats of stakeholder engagement to facilitate change that helps reduce harm to the environment. We are most pleased to sign this document today with our reliable partners Severstal and Specta and take our cooperation to a new level,” says Anatoly Frishman, CEO of Sveza.

“As early as it was setting up the production of packaging materials in Kostroma, Specta integrated ESG principles into its operations. Since then, Specta has been implementing a consistent policy aimed to make the company carbon neutral in the long run. We have already made great progress in reducing energy consumption per production unit. Also, our PET strapping band is now manufactured with up to 100% recycled material, which is a great improvement of our ecological handprint.

Specta’s partnership with Severstal and Sveza is a great example of circular economy that has a unique component – a shared mindset – in its structure. We welcome Severstal's initiative to develop the Climate Memorandum and engage its partners. It perfectly illustrates how a common goal to achieve carbon neutrality in the fight against global warming unites businesses of different scale,” says Erik Helin, CEO of Specta Group.

The Memorandum contains five guidelines and recommendations for their implementation:

- Implementing the climate agenda into the corporate governance practices

- Assessing greenhouse gas emissions and setting targets for their reduction

- Managing climate risks and adapting to climate change

- Supporting the development and implementation of low-carbon technologies

- Establishing climate-responsible stakeholder engagement