The steel industry can move into a Paris Agreement-aligned emissions pathway by 2030, with the investments for near-zero emission steel projects in Europe and North America, according to the latest report from the global Energy Transitions Commission (ETC).
The ETC stated that near-zero emission ore-based steel projects must triple within the next three years to enable an annual 190 million mt of green steel production by 2030.
“Support for low-carbon hydrogen in the US and the Carbon Border Adjustment Mechanism (CBAM) in the EU offer solid foundations for getting breakthrough projects off the ground in those markets. Given the lead time of steel projects, urgent action is needed to further strengthen the investment case for breakthrough technologies and secure near-zero emissions primary steelmaking capacity before the decade is out,” Adair Turner, chairman of the commission, said.