According to California-based NGO Global Energy Monitor, the estimated risk comes as the industry plans new integrated steel plants in countries pledging to reduce carbon emissions. 

“Several countries and regions with major steel industries have pledged to reach carbon neutrality or achieve partial carbon reductions, but at the same time plan to build numerous large BF-BOF steel plants. Unless BF-BOF retrofits for low-carbon steelmaking are developed and brought to market in a fraction of the time predicted in various steel decarbonization road maps, these commitments are at odds with each other since BF-BOF steel plants offer limited options for decarbonization,” the group wrote in the report.  

Most of that risk is in India and China, which, by the organization’s count, together have proposed or are building more than 46 million tons of capacity. 

You can find the full report here.