Insight
Steel’s decarbonisation journey: What, When and How?
Report summary
Steel emits 3.3 billion tonnes of carbon each year, comprising 7% of global emissions. Decarbonisation will happen sooner than anticipated. However, the speed of decarbonisation will vary across regions. Mature economies like China, JKT, EU+UK and the US will need to do more to curb emissions while growth drivers India and Southeast Asia will be slow adopters and small contributors to emissions cuts. In this insight, we’ll be discussing our views on the impact of decarbonisation on the steel industry in the base case. The analysis draws parallels with the roadmap to the 1.5-degree scenario we published last year. The insight comprises five key sections namely – 1. The long-term outlook on steel demand, supply and metallics 2. Our view on the role of hydrogen in decarbonizing steel 3. Impact of carbon offset measures such as CCUS 4. Carbon emission outlook and comparison with the target set under the 1.5-degree warming pathway 5. Key takeaways
Table of contents
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Executive Summary
- Market Overview
- EAF preference to rise as emission containment measures gradually kick-in
- Altering steelmaking trends will have an overarching impact on metallics
- 18.7Mt hydrogen demand in 2050 will result in 232Mt of steel production
- CCUS demand to reach 178Mt by 2050 with China comprising a third share
- Steel emissions to plummet 30% from current levels by 2050
- Key monitorables and risks to our forecast
Tables and charts
This report includes 6 images and tables including:
- Key findings
- Steel supply landscape
- Metallics demand
- Hydrogen consumption outlook
- CCUS demand
- Emission Outlook
What's included
This report contains:
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