Steel

Sector Importance for Sustainable Finance:

The steel industry generates approximately 3% of global GHG emissions. Like cement our whole built environment has a massive reliance on steel.

Steel is recyclable and we need it to move to a low carbon economy, we just need it produced in a way that generates much lower GHG emissions.

Steel is very unique and that is it is extremely strong and has limited substitutes.

Talking Points:

Steel has limited substitutes so how can we decarbonize it

In traditional blast oxygen furnace steelmaking production routes coal is used as the source of heat and the major reductant that strengthens and purify’ s the iron, how do we remove coal from this process?

How scalable are some of the new solutions attached to electric arc furnace such as natural gas, hydrogen generating direct reduced iron or DRI?

Carbon capture has been touted as a key solution for this sector but has proved very difficult to implement given the multiple points of emissions along the iron steel production cycle?