European Steel to Miss Climate Goals Without Technology Shift

(Bloomberg) — Europe’s steel industry must shift to low-carbon technologies from coal-fired blast furnaces within 12 years to prevent global warming exceeding the targets set by the Paris Agreement on climate change.

New or refurbished blast furnaces have a lifespan of as long as two decades, highlighting the risk of long-term climate impacts if the switch isn’t made by 2033, according to a report from research house Industry Tracker. By contrast, many of the region’s steelmakers lack long-term plans to reduce emissions, it said. 

The steel industry worldwide is responsible for about 7% of global carbon emissions. Without action, Europe’s steelmakers would exhaust their carbon budget — the amount they can emit before compromising Paris climate change goals — by 2035, Industry Tracker said. 

Industry Tracker said Sweden’s SSAB AB and ArcelorMittal SA are the steelmakers most prepared for the transition due to their ability to deploy the necessary capital.

More stories like this are available on bloomberg.com

©2021 Bloomberg L.P.

Close Bitnami banner
Bitnami