Steel Decarbonisation
Mobilising businesses, investors and civil society to accelerate progress towards steel decarbonisation in India.
Learn about our work on steel decarbonisation in Asia and what lies ahead in the case study below.
Why focus on steel decarbonisation?
The steel industry is the largest industrial consumer of coal, making its decarbonisation critical to achieving global climate goals.
Every ton of steel produced in 2020 emitted on average 1.85 tons of carbon dioxide.
90% of steel is manufactured in just ten countries, 70% is made in Asia.
There is a critical window from now to 2030 when investment decisions will be made for existing assets and new steel-producing capacity.
Government policy frameworks are critically important to enable industry transition at the pace and scale needed to achieve net zero by 2050 climate targets.
The Challenge.
-
Some leading steel companies have set long-term emissions reduction targets, but none have clear pathways and action plans to achieve them.
-
Governments are lagging behind in setting interim targets – which are critical to meeting net-zero commitments.
-
Global demand for steel is predicted to grow significantly by 2050, especially in India, Africa, South East Asia and the Middle East.
-
New low-carbon steel-producing technologies exist but are currently higher cost than traditional production methods and not yet ready for commercial deployment.
-
2050 is only one steel sector investment cycle away. If we do not act now, steel production, and thus emissions, could increase by 30% by 2050.
Want to learn more?
To learn more about this campaign or to find out more about potentially collaborating with us get in touch here or by emailing info@climatecatalyst.org.