Reaching net-zero emissions by mid-century requires every sector to drastically reduce their carbon footprint and practically eliminate all GHG emissions within the next thirty years. Interim targets for 2030 combined with new carbon taxes and rising EU ETS allowance prices over the next decade are putting pressure on energy intensive industries to act, including the steel sector. To ensure Europe retains the value these industries generate and has the clean materials available to achieve this major transformation of the economy, systematic policy action across a range of needed technologies and product chains is required.
Industry remains crucial in supporting Europe’s standard of living. Today, it emits about a fifth of the EU’s CO2. Without decarbonising the sector, Europe will not be able to reach net-zero. Nor will it be able to do so without an industry, particularly since we rely on industrial products to reduce emissions – from renewable electricity to efficient housing and zero-carbon transport.
Instead, we need to ensure that industry produces products such as steel in a net-zero compliant way.
Steel is all around us. In our houses, cars, refrigerators and the wind farm outside our window. Its link to rising living standards across the globe means that the demand for steel is expected to increase by more than a third by 2050. To avoid a corresponding increase in emissions, we need to improve how we use, re-use and produce steel.
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