Liberty Steel Europe supports EU Green Deal for carbon neutral steelmaking

Thursday, 12 December 2019 16:18:58 (GMT+3)   |   Istanbul
       

Liberty Steel Continental Europe, which is one of the leading steel producers advocating for green steel with its Greensteel strategy and target of being carbon neutral by 2030 has applauded the European Green Deal presented by the European Commission.

“The successful delivery of Liberty Steel Group’s strategy to be net carbon neutral by 2030 and the development of a sustainable European steel industry will require significant investment as well as sustained, consistent support from governments across the EU. The Green Deal has the potential to create the right framework to support this transformation. We also welcome the commission’s proposal for a carbon border adjustment mechanism as, combined with existing tools such as free allocations, it will help European producers who are operating at a huge commercial disadvantage to those which are able to import low-cost steel without any respect for European climate policies,” Jon Bolton, CEO of Liberty Steel Continental Europe, said.

The European Commission has presented The European Green Deal, a roadmap for making the EU's economy sustainable by turning climate and environmental challenges into opportunities, covering all sectors of the economy, notably transport, energy, agriculture, buildings, and industries such as steel, cement, textiles and chemicals. The commission said that the meeting the objectives of the European Green Deal will require significant investment. Achieving the current 2030 climate and energy targets is estimated to require €260 billion of additional annual investment.

Among the key actions, the commission listed the proposal to support zero carbon steelmaking processes by 2030 and the proposal for a carbon border adjustment mechanism for selected sectors.

Welcoming the new package, the European Steel Association (EUROFER) said that a functional carbon border adjustment mechanism must serve as an incentive for foreign producers to reduce their emissions. Currently, third country producers have little incentive to follow the carbon reduction path that EU producers are already on.


Most Recent Related Articles

Ex-CIS billet prices under pressure from weak demand, negative sentiment in scrap

India’s ArcelorMittal Nippon Steel bids to secure iron ore mines in Odisha

China’s HRC output up 10% in 2019, CRC output rises by 3.5 percent

Short sea scrap price down sharply in fresh deals to Turkey