Stegra

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

The core process — green hydrogen via 700 MW+ alkaline electrolysis powered by 100% renewable electricity, fed into a DRI reactor that replaces coal — is a genuinely high-integrity decarbonisation approach projected to cut emissions by up to 95% vs. blast furnace steelmaking in a sector responsible for 7–9% of global CO₂; score is discounted because the plant is not yet operational, no actual measured emissions intensity data exists, and a transitional natural gas dependency has been flagged by Swedish regulators.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

No SBTi-validated targets, no CDP disclosure, and no public net-zero roadmap with quantified milestones have been identified; Stegra's only emissions commitment is the design-stage 95% reduction claim relative to blast furnace steel, which is an engineering specification, not a science-based corporate target, and Oxford Energy's June 2025 review notes that actual emissions intensity data for Stegra is not yet available.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Positive signals include a formal collective agreement with construction union Byggnads for safe working conditions and a plan to employ ~1,500 local workers in Norrbotten; governance was substantially restructured after the financial crisis, with the Wallenberg-led consortium installing a new board chair and creating Stegra Holding AB, improving oversight — but a pre-revenue, governance-restructured startup with no published sustainability or ESG report limits the score significantly.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

No CDP submission, no published sustainability report, no independently third-party-verified emissions data, and no confirmed GHG assurance programme have been found; the EU Innovation Fund grant agreement includes milestone-based disbursement providing some external scrutiny, and construction progress updates are publicly shared, but quantified, verified environmental performance data is entirely absent for a pre-operational company making strong climate marketing claims.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

No fossil-fuel lobbying, pollution incidents, or ethical controversies found; however, Stegra suffered a serious and public near-insolvency episode in late 2025 — with Citigroup moving the company to its 'workout' division, the board discussing insolvency risk, equity holders warned they could be wiped out, and regulators blocking state grants because production is not yet fully fossil-free — all of which constitute material governance and financial integrity concerns that reduce this score.