Decarbonization has been at the top of the list of countries across the world, playing great roles in the steel industry. Large, intermediate, and small manufacturing across the world, are emphasizing on implementation of production practices that reduce the GHG (Global Greenhouse Gas) production.
While the global steel sector is progressing in this initiative, there is still a lot more to cover to halve CO2 emissions by 2030. As per an estimate, global steel industries could potentially reduce CO2 emissions between 7-10% in 2030 and 30-39% in 2050, when compared to the baseline scenario.
In a latest survey conducted, 60 steel producers were analyzed who are responsible for the production of 60% of global steel, and 65% of global CO2 emissions. The survey shows that out of them 26 companies have one or more targets to reduce their carbon footprints.
However, only 8 companies can show a proper timeline and the availability of resources to apply the necessary adoptions. And 12 companies do not have any proper information on how they are going to make it. This shows that most of the companies have this shift in mind, but they are not emphasizing taking action. This moves the trajectory further away from the GHG emission reduction targets.
Three key supply-side adoptions needed are:
- Stop further investments in standard blast furnaces, and encourage furnaces built with deep emission reduction
- Implement the use of reduction technologies for primary steel production
- Enhance the recycling process of scrap steel
The global decarbonization scenario of the steel sector needs to be more mindful in taking action. Industries should put more emphasis on creating roadmaps to achieve the GHG emission reduction targets.
