The Steel Is Failing Behind Climate Goals
Unfortunately, there’s no easy route to winding down those emissions quickly. Even more unfortunately, we’re trending in the wrong direction. An International Energy Agency report released just last week found that the steel industry is off course from aligning with the 1.5-degree-Celsius (2.7-degree-Fahrenheit) target. The IEA’s Net Zero Emissions by 2050 Scenario shows steel emissions must decline by 4% every year this decade. Current steel technology is just not there to do it at the scale needed, and the IEA notes that “energy efficiency improvements will likely soon be exhausted. Thus, innovation in the upcoming decade will be crucial to commercialise new low-emissions processes, including those that integrate CCUS and hydrogen.”
