‘Steel industry will miss climate targets’

By Finance News On Jul 25, 2024

The steel industry will fail to reach net zero targets without immediate and universal effort.

The Charting Progress to 1.5°C through Certification report, published by certification organisation, ResponsibleSteel, finds that radical actions to reduce emissions by a select few in the industry is not sufficient to make a significant difference.

The report details that for the industry to meet its net zero obligations, every steel plant in the world needs to be emitting less carbon than the average emissions.

In fact, today’s average emitters will make for the worst offenders by 2030.

Annie Heaton, ResponsibleSteel’s CEO said: “Transforming the steel industry will require bold and universal action. No one can sit on the sidelines.”

Although the availability of resources, climate policies and financing opportunities will affect regions differently, it is important that steelmakers start their journeys immediately.

Stephan Raes, Head of Structural and Industry Policy Division of OECD said: “Achieving net-zero steel emissions by 2050 is not only feasible but critical to achieving the commitments made under the Paris Agreement.

“ResponsibleSteel’s report provides a clear, actionable roadmap taking into account key regional and technological differences which will impact the speed and direction in which industry players progress.”