Insight
Steel's roadmap to decarbonisation in an accelerated energy transition two-degree warming scenario
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Report summary
Steel is responsible for 7% of global CO2 emissions. This industry needs to decarbonise if the world is going to achieve a two-degree warming pathway aligned to the goals of the Paris climate agreement. • What does steel need to do to be compliant with a two-degree world? • How can steel decarbonise to this extent? • And why is it not the Wood Mackenzie base case that decarbonisation will be successful? We have explored an alternative scenario, beyond our base case, whereby steel follows a two-degree warming pathway. The challenge is immense. A revolution in steelmaking is required for success. It is not our base case; we don’t think it will happen. Read the report and decide if you believe steel can follow the AET 2.0 pathway…
Table of contents
- Executive summary
-
Steel AET 2.0 scenario analysis
- Steel demand is unchanged from the base case
- Carbon emissions from the steel sector must fall by 75%
- Steel production methods must change
- 1) Double the scrap use in steelmaking
- 2) DRI gains high traction - Tripling production from current levels
- 3) Reduce EAF emissions intensity by around 70%
- 4) Reduce BF-BOF emissions intensity close to its theoretical minimum
- 5) Capture and store 500 Mt of carbon dioxide – around 46% of the residual
- Hydrogen demand from steelmaking
- Conclusion
Tables and charts
This report includes 11 images and tables including:
- Base case emissions by segment
- AET 2.0 emissions by segment
- A slight rise in scrap availability by 2050
- Scrap consumption to improve significantly
- DRI production in AET2.0 vs base case
- Technology-wise DRI and EAF production
- DRI trade – key importers and exporters
- Global CCUS requirement vs usage efficiency
- Region-wise CCUS requirement
- Hydrogen demand at region level
- Hydrogen demand in BOF v EAF
What's included
This report contains:
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