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Decarbonization Will Require Massive Amounts of Energy – and Money
09/20/2022 - According to Director General of the European Steel Association (EUROFER) Axel Eggert, the decarbonization of the steel industry will require a level playing field, affordable low-carbon energy sources and financial support.
Eggert spoke during Badische Stahl’s 7th Steelmaking Symposium in Offenburg, Germany, this afternoon.
He said that currently there are approximately 60 decarbonization projects in development in the European Union, almost all of which are slated to start before 2030. Combined, they come with a price tag of EUR31 billion in capital expenses and EUR54 billion in operating expenses.
To fuel these projects, 170 terawatt hours of green electricity will be required. Or, the total electric consumption of Belgium, Eggert said.
