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Pedal to the Metal: Iron and Steel’s US$1.4 Trillion Shot at Decarbonization

Pedal to the Metal: Iron and Steel’s US$1.4 Trillion Shot at Decarbonization

Full Title: Pedal to the Metal: Iron and Steel’s US$1.4 Trillion Shot at Decarbonization
Author(s): Malan Wu, Mihir Vora, Isha Chaudhary
Publisher(s): Wood Mackenzie
Publication Date: September 15, 2022
Full Text: Download Resource
Description (excerpt):

The industrialised world cannot function without steel. It is essential to everything from the buildings we live in to the ways we get around. Wood Mackenzie estimates that meeting global steel demand will require 2.2 billion tonnes of production by 2050 – a 15% increase from 2021.

From iron ore mining to steel manufacturing, the industry is highly carbon intensive. And while steel itself is recyclable, iron and steel production emit a combined 3.4 billion tonnes of carbon annually, equal to 7% of global emissions. The steel industry, therefore, faces a huge challenge in achieving net zero emissions by 2050.

But the scale of the challenge offers enormous opportunities, too. Decarbonising steel production will require a revolution at every stage of the industrial value chain, from mining to consumption. To achieve net zero by 2050, three-quarters of steel production will have to use low-carbon technologies. Sectors including renewable power, low-carbon hydrogen and carbon capture utilisation and storage (CCUS) will be major beneficiaries of the industry’s move towards net zero emissions.

All statements and/or propositions in discussion prompts are meant exclusively to stimulate discussion and do not represent the views of OurEnergyPolicy.org, its Partners, Topic Directors or Experts, nor of any individual or organization. Comments by and opinions of Expert participants are their own.

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