(Sept 14): 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.