From iron ore to steel manufacturing, the industry is highly carbon intensive.
Wood Mac estimates that meeting global steel demand will require 2.2 billion tonnes of production by 2050. Achieving net zero emissions by 2050 will be a huge challenge. To achieve the goals of the Paris Climate Agreement, the decarbonisation of the iron and steel sectors will require approx. $1.4 trillion of investment.
From China to Europe, more aggressive carbon taxing could be needed. With 60% of steel production coming from China, Beijing must implement carbon pricing and taxation to address the high carbon footprint.
To achieve net zero by 2050, three quarters of steel production will have to use low-carbon technologies. Decarbonising steel production will require massive change at each stage of the supply chain. Renewable power, hydrogen and CCUS will benefit from the steel industry’s move towards net zero.
On the podcast: Dr Liz Dennett is joined by Baris Cifti, Director at World Steel, and Malan Wu, Head of Steel & Raw Material Markets at Wood Mackenzie, to discuss the state of the market, the risks and opportunities for industry in achieving net zero, and how companies, governments, policy-makers and citizens can achieve that goal.
This program is brought to you by Shell Energy, who is helping guide businesses through their energy transition by offering a tailored energy roadmap, and solutions across the energy value chain. Learn more at ShellEnergy.com slash business
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