Australian mining company BHP Billiton has stated that global steel demand will increase amid the global energy transition.
The company expects steel demand to increase by two percent in 2030 and by four percent in 2050 as infrastructure projects for decarbonization increase demand for wind and solar plant equipment. The increase in steel demand will be offset by the decline of fossil energy demand and slower economic growth due to physical climate impacts and carbon policies.
Meanwhile, BHP aims to reduce greenhouse gas emissions by at least 30 percent by 2030 and achieve net zero operational emissions by 2050.