Steel production could be achieved with almost no carbon emissions via US$ 278 billion of extra investment by 2050, according to a new report from research firm BloombergNEF. Hydrogen and recycling are likely to play a central role in reducing emissions from steel production. Steel is responsible for around 7% of man-made greenhouse gas emissions every year and is one of the world’s most polluting industries.
The commitment to tackling climate change is accelerating in all sectors of society, with net-zero pledges from companies, cities, states and regions doubling in the past year. Decarbonising supply chains is a major opportunity for companies to put these commitments into practice.
SteelZero, a global initiative aimed at driving market demand for net zero steel, launched recently with support from eight major steel buyers and specifiers from across sectors (including construction and renewable energy). This marks the beginning of a significant global business push for clean steel.