Report: Industry Carbon Emissions Have to Drop 75% by 2050
08/11/2021 - Global steel emissions must fall to 780 metric tons of carbon dioxide equivalent (Mt CO2) by 2050 in order to limit global warming to within 2°C, reports global research and consultancy firm Wood Mackenzie. In 2020, it was at 3,000 Mt CO2.
Between 2020 and 2050, demand for steel is expected to rise 23% and with the goals of the Paris Climate Agreement in mind, the industry should prioritize decarbonization, Wood Mackenzie said.
“This is an extremely challenging target to meet. The steel industry would need to find the right balance between managing rising demand and pressure to decarbonize. The pathway to a 2°C world is filled with obstacles compared to our base case view,” said Mihir Vora, senior analyst at Wood Mackenzie. “Advanced economies will need to do more to curb emissions via innovative new steelmaking pathways such as hydrogen use, while developing nations will be slow adopters and small contributors to emissions reduction.”
These aggressive targets, however, provide an opportunity to utilize direct reduced iron (DRI) production and use and scrap use in steelmaking.
Read more here.
“This is an extremely challenging target to meet. The steel industry would need to find the right balance between managing rising demand and pressure to decarbonize. The pathway to a 2°C world is filled with obstacles compared to our base case view,” said Mihir Vora, senior analyst at Wood Mackenzie. “Advanced economies will need to do more to curb emissions via innovative new steelmaking pathways such as hydrogen use, while developing nations will be slow adopters and small contributors to emissions reduction.”
These aggressive targets, however, provide an opportunity to utilize direct reduced iron (DRI) production and use and scrap use in steelmaking.
Read more here.
