Mapping the Intersection of Risk-Based Maintenance and Climate Finance: A Scoping Review
Abstract
The decarbonization of the steel industry requires major investment decisions concerning the continued operation, revamp, or replacement of blast furnace assets. However, these decisions involve not only equipment reliability and maintenance risks but also financial feasibility, climate transition risks, and the potential for stranded assets. The intersection between risk-based maintenance (RBM) and climate finance therefore remains insufficiently explored. This scoping review aims to systematically map the intersection of RBM methodologies and climate finance frameworks and identify asset selection criteria relevant to blast furnace revamp decisions. Following the PRISMA-ScR guidelines, the review synthesizes 47 studies across three thematic domains: risk-based maintenance approaches, climate finance mechanisms, and steel industry decarbonization pathways. The review reveals a critical gap in integrated decision-making frameworks that simultaneously address equipment reliability, financial viability, and climate transition risk. Key criteria identified include technology readiness levels, carbon abatement costs, stranded asset risks, and green finance eligibility. These findings provide a foundation for practitioners and policymakers to integrate asset management, capital investment, and climate finance considerations when making strategic blast furnace decisions aligned with long-term climate neutrality objectives.