Econiq™ is the world’s first net-zero carbon steel at scale, introduced to offer steel consumers emissions-free steel products to help meet their sustainability goals. The Econiq certification will cover all of Nucor’s steelmaking product line, the most comprehensive in the U.S. market.
Net zero means that any GHG emissions released into the atmosphere are balanced by an equivalent amount being removed.
Econiq certification addresses Scope 1 and Scope 2 emissions.
Scope 1 refers to direct emissions from the steelmaking process. Scope 2 refers to indirect emissions from generation of the energy we use. Econiq is made using 100% renewable energy (Scope 2), with Scope 1 emissions eliminated through the purchase of carbon offsets.
The Econiq certification can be applied to any steel product within the Nucor family. It signifies that the steel is produced with 100% renewable energy to offset Scope 2 emissions and that Scope 1 emissions are countered through the purchase of carbon offsets.
Sustainability drives the business decisions of leading companies around the world. Nucor is committed to reducing its GHG emissions and driving sustainability through innovation.
Currently, Nucor’s EAF steel mill emissions are less than 1/3 the global average. Nucor has committed to an additional 35% combined reduction in steel mill scope 1 and scope 2 GHG intensity by 2030 using 2015 baseline goals
In 2020, Nucor was the 7th largest corporate buyer of renewable electricity in the U.S. through Virtual Power Purchase Agreements.
The green economy is being built on steel, and the steel it’s made from matters. Our customers demand clean, advanced steel products. With Econiq, they can be confident they are buying the lowest emissions steel available at scale.
Econiq is the world’s first net-zero steel at scale, produced by Nucor. Econiq is not a single product; it is a net-zero certification, which can be applied to any product from Nucor’s steel mills.
Net zero means that any GHG emissions released into the atmosphere are balanced by an equivalent amount being removed.
We achieve net-zero on Econiq products by using electricity from 100% renewable sources (eliminating Scope 2 emissions) and by purchasing carbon offsets (eliminating Scope 1 emissions).
Scope 1 refers to direct emissions from the steelmaking process. Scope 2 refers to indirect emissions generated while producing the electricity we use.
Econiq is made using 100% renewable electricity (Scope 2), with Scope 1 emissions eliminated through the purchase of carbon offsets.
Following the Paris Climate Agreement in 2015, it has been standard practice for companies to set targets based on Scope 1 and 2 emissions. Nucor is following this practice for our steel mills.
Scope 3 emissions refers to emissions attributed to the upstream and downstream operations of a company.
For Nucor, Scope 3 emissions are created primarily through the raw materials required in our steelmaking operations. We are actively exploring ways to reduce our Scope 3 emissions.
We are currently offsetting all Scope 1 emissions on Econiq certified products through the purchase of carbon offsets. At the same time, we are actively exploring multiple technologies and processes to reduce our Scope 1 emissions across all products.
We are eliminating Scope 2 emissions by using 100% renewable electricity to produce Econiq certified products. This renewable energy is being supplied through renewable Virtual Power Purchase Agreements.
A VPPA is a contract with a renewable energy provider to supply 100% renewable electricity at a fixed price over a long period of time.
Learn more about Nucor’s VPPAs here.
The carbon footprint of products made with steel includes the emissions from producing that steel. When steel purchasers buy Econiq, the products they make have zero carbon footprint related to the (Econiq) steel they are made with.
The first shipments of Econiq are slated for January 2022.
The Econiq certification can be applied to any product from Nucor’s steelmaking plants.
Econiq will be available through Nucor’s existing sales channels although initial quantities will be limited. Please contact your Nucor sales representative for more information about Econiq.
Have additional questions about Econiq™? Please use the form below to reach out to our team: