9,765.12 TRY BIST 100 BIST 100
4.84 CNY CNY CNY
35.13 USD USD USD
36.48 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.50 TRY Interest Interest
72.45 USD Fossil Oil Fossil Oil
29.03 USD Silver Silver
4.09 USD Copper Copper
100.71 USD Iron Ore Iron Ore
351.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,600.46 TRY Gold (gr) Gold (gr)

Urgent need to Decarbonise Iron and Steel in the Race to Net Zero

The world iron and steel-making industry must decarbonise as part of the race to achieve net-zero emissions, the Global Recycling Foundation (GRF) has warned.

Urgent need to Decarbonise Iron and Steel in the Race to Net Zero

To mark Global Recycling Day on 18 March, GRF has urged policy makers to adopt laws and technologies to make the sector greener and more circular globally.

Iron and steel-making is the world’s largest coal consumer, the largest emitter of CO2 and second largest energy consumer among heavy industries. It accounts for 7-9% of global carbon dioxide emissions, more than the emissions from all road freight.

Global demand for steel has trebled since 1970 and is set to increase by more than a third between now and 2050. Much of this demand will come from the wind turbines, solar panels, hydroelectric dams and electric cars, buses, and trains that the world will need to reach net zero.

GRF founding President, Ranjit Baxi, said: “This represents a significant challenge. But it also provides a huge opportunity to re-set the world’s iron and steel value chains on a more sustainable path.”

Mr Baxi stressed: “Our call resonates with the ambition of COP28 to accelerate energy transition when it unveiled the Global Decarbonization Accelerator (GDA), a series of landmark initiatives designed to speed up the energy transition and drastically reduce global emissions. As COP28 President HE Dr Sultan Al Jaber said, the GDA adds up to more countries and more companies from more sectors than ever before, in the drive towards the goal of 1.5C.”

President of the Bureau of International Recycling, BIR, Susie Burrage, added: “To decarbonise iron and steel, we’ll need green hydrogen, carbon capture and storage (CCS) and electric arc furnace (EAF) technologies. We’ll need to use steel less wastefully, to recycle a lot more and to make renewable energy cheaper for steel makers, users and re-users. These things won’t just happen, they will require a combination of innovation and the right laws, regulations, and incentives.

Notes for editors:

Steel facts and figures

• In 2022, according to Statistia, 52% of the world’s steel was used for building and infrastructure, 16% for mechanical equipment and 12% for automotive products.

• Every tonne of scrap used for steel production avoids 1.5 tonnes of CO2 emissions and the consumption of 1.4 tonnes of iron ore, according to Worldsteel

• According to Global Energy Monitor, in 2023, 43% of planned steelmaking capacity was based on EAF technology. The International Energy Agency Net Zero by 2050 scenario calls for 53% of steelmaking capacity to use EAF by 2050.

• Steel production is the most electrified in the Middle East, where 95% of steel capacity is from EAFs. In the US. it’s 70%. In India, the world’s second-largest steel producer, over 54% of the country’s steel is produced from EAFs. In the EU, it’s 44%.

• JFE Steel in Japan is set to open one of the world’s largest EAFs by 2027. It is expected to produce 2 million metric tons of steel annually and cut CO2 emissions by 2.6 million tonnes per year It will import processed iron ore, ‘reduced iron’, from the United Arab Emirates, created using natural gas and CCS.

• The EU’s End-of-Life Vehicles Directive species a minimum recycled metal content in new vehicles. Its carbon border adjustment Mechanism (CBAM) could be extended to reduce the embodied carbon of imported vehicles.

•  In the UK, Zero Waste Scotland’s proposes using scrap steel from decommissioning oil and gas wells to supply wind turbine manufacturers. The UK’s high-speed rail line, HS2, has used almost 20,000 tonnes of recycled steel in the past two years.

Source: Bureau of International Recycling, BIR

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Dofer Yapı expands Karabük factory: Receives 31.6 million TL investment incentive certificate

Sunday, December 22, 2024

Europe's crude steel production increased

Wednesday, December 18, 2024

Kardemir's 'Power Plant' has been commissioned

Sunday, December 22, 2024

Hasçelik becomes the leader in cold bar exports in 2023

Sunday, December 22, 2024

European car sales decreased by 2% in november

Sunday, December 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now