Green steel: Can we make steel without CO2 emissions?
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If you want to learn more about the companies and organizations leading the way in Green Steal, check out the following list:
HYBRIT: HYBRIT is a joint venture between SSAB, LKAB, and Vattenfall that aims to produce fossil-free steel using hydrogen instead of coal. They are constructing a pilot plant in northern Sweden and plan to have a commercially viable production line by 2035.
Nippon Steel: Nippon Steel, the third-largest steel producer in the world, has set a target to reduce its carbon emissions by 30% by 2030 and to achieve net-zero emissions by 2050. They are investing in various green technologies, such as hydrogen reduction and carbon capture and utilization.
POSCO: A South Korean steelmaker, POSCO is developing a green steelmaking technology called Finex that uses iron ore fines and non-coking coal to produce steel without emitting carbon dioxide. They are also exploring the use of hydrogen and carbon capture technologies.
And if you're more interested in the policy side of the discussion, below are some policy changes at the national and global level that would lead to lower-emission steel production:
Carbon pricing: Carbon pricing is a policy tool that puts a price on carbon emissions through a carbon tax or a cap-and-trade system. This can incentivize companies to reduce their emissions and invest in low-carbon technologies like green steel production.
Renewable energy incentives: Governments can incentivize companies to use renewable energy sources like wind and solar to power their steel production. This can help reduce the carbon footprint of the steel industry.
Research and development funding: Governments can invest in research and development of green steel technologies, such as hydrogen reduction and carbon capture and storage. This can help drive innovation and make green steel production more cost-effective.
Public procurement policies: Governments can use their purchasing power to drive demand for green steel. This can provide a market signal to steel producers that there is demand for low-carbon steel and encourage investment in green steel technologies.
Carbon border adjustments: Carbon border adjustments are policies that tariff imports from countries with weaker climate policies. This can help level the playing field for domestic steel producers investing in green technologies and reduce the carbon footprint of the global steel industry.
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