Summary:
- Steel production accounts for 8% of total global CO2 emissions. Emissions from steel production must decrease for industry to achieve net-zero emissions by 2050 and for countries to deliver on the commitments made in the Paris Agreement.
- The steel production landscape is changing: seven out of the ten biggest steel producing countries have initiated at least one green steel project, according to the Green Steel Tracker. So far, the projects are concentrated in economic regions with ambitious climate reduction targets.
- G7 governments should accelerate the ongoing change process by coordinating policies to create markets for green steel, pooling and scaling up investments in research and development, deploying and scaling up green steel projects and increasing investment in multilateral funds dedicated to industrial decarbonization.
IIT Project: CFMP_ECF_2019 (CFMP_ECF_2019)
Funding entity: European Climate Foundation (ECF).
Publication date: 10-06-2021
IIT-21-086I
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