Commercial opportunity : Energy Transition Commission urges businesses to drive demand for low carbon steel
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Major report from industry group argues that steel buyers can play catalysing role in accelerating growth of green steel market
Automotive, energy, construction, and white goods companies can reap a number of commercial benefits if they team up to become the first large scale purchasers of low-carbon steel.
That is the central conclusion of a report published yesterday by the Energy Transitions Commission, which argues that steel buyers from various sectors of the economy have a major opportunity to accelerate the decarbonisation of the emissions-intensive steel industry by sending demand signals that can drive the development of a net zero emission primary steel market.
This is how the steel industry is forging a path to net-zero
The modern world is built from steel – 1.8 gigatons (Gt) were produced last year, 90% of all metal produced globally. From wind turbines to electric vehicles, steel will be an integral enabler of the energy transition. But steel production is a major source of greenhouse gas (GHG) emissions. Most steel is still made using coal to reduce iron ore, a process that emits roughly two metric tons of CO2 per ton of steel. The industry accounts for 7% of global GHG emissions from the energy system – equal to global aviation, shipping and chemicals emissions combined.
/PRNewswire/ Several top lenders to the steel sector Citi, Goldman Sachs, ING, Societe Generale, Standard Chartered, and UniCredit have come together to.
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