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One of the key topics on the COP27 agenda is the decarbonisation of high-emitting sectors. Accounting for 30% of direct global industrial emissions, the steel industry holds a pivotal role in achieving the Paris Agreement’s collective climate goals. On the eve of COP27, various key initiatives have been launched in order to support global steel decarbonisation and the development of common global standards for low carbon emission steel, including the Breakthrough Steel Action Plan, the Clean Energy Ministerial Industrial Deep Decarbonisation Initiative (IDDI) and Responsible Steel’s new international standard on defining sustainably produced and sourced steel. The ‘Setting the Standard for Steel Decarbonisation: A Call for Joint Action” event intends to take stock of and pay tribute to these various important initiatives, and to highlight how global cooperation can help in bringing them to the next level. The keynote presentations will be aimed at introducing these initiatives and will be followed by a panel discussion that will focus on the three following questions: 1. How can consensus on global standards for near zero and low carbon emission steel be reached in an inclusive way, taking into account different needs and characteristics of the steel industries according to different countries? 2. How can the development and use of standards be broadened from public procurement to international trade in steel? 3. How can global cooperation on such standards be deepened and expanded to help support their implementation?