Updated Oct. 26, 2023 12:31 pm ET
The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1148 ET – Brazil’s steelmaker Gerdau may consider buying emission offsets to adjust to legislation the country’s Congress is on path to approve ahead of the November 30 COP28 climate summit, the company says. Brazil’s long-waited carbon regulation will launch a national cap-and-trade system limiting emissions and driving funds to forest conservation. Gerdau says it has a 2050 net-zero goal, which “demands mature technologies still unavailable in industrial scale.” It says that once mitigation options are exhausted, buying emission offsets could an alternative. Gerdau already operates under a cap-and-trade system in Canada, where it says its emissions are below the requirement. Steel making responds for 4% of Brazil’s emissions, Gerdau says. (paulo.trevisani@wsj.com; @ptrevisani)
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