Global Energy Monitor - A Matter of Ambition: Examining the Steel Industry's Commitment to

Global Energy Monitor BRIEFING: OCTOBER 2023 A Matter of Ambition: Examining the Steel Industry's Commitment to Net Zero by 2050 Key points ■ Only a third of the world’s top 50 steel producers ■ Only fourteen of the top 50 steel producers have set targets to reach net zero emissions by have defined the scope of emissions they plan 2050, despite these 50 producers being responsi- to address through. [...] Yet only 17 of the largest 50 steel producers 80% of the steelmaking capacity operated by the top have publicly committed to achieving carbon neu- 50 steel producers uses emissions-intensive coal- trality by mid-century. [...] Scope 1 for the iron and steel industry could increase the emissions include direct GHG emissions from the industry’s reported carbon footprint by up to 27%. [...] While CCS/CCUS could play a critical role in reducing emissions from the iron and steel sector if it proves viable and scalable, CCS/CCUS application attempts to date have yet to succeed and CCS/CCUS alone cannot provide a comprehensive decarbonization solution to the industry. [...] Planned iron and steel capacity While plans to build low-emissions, green steel The outplay of the emissions-intensive planned new capacity have ramped up in recent years, announce- capacity challenges the ability of the steel sector to ments for new emissions-intensive blast furnaces decarbonise.