PUBLISHER: Future Markets, Inc. | PRODUCT CODE: 1315038
PUBLISHER: Future Markets, Inc. | PRODUCT CODE: 1315038
Steel is the most commonly used metal globally. There is a high environmental cost associated with traditional steelmaking, with greenhouse gas (GHG) emissions from steelmaking account for an estimated 8-9% of the total global fossil and industrial emissions. The industry is seeking to develop more environmentally friendly production processes and products, driven by net-zero emission targets set by governments and industries. The steel industry is facing a significant challenge s regarding carbon emission reduction, resulting in the development of green steel.
Green steel refers to steel produced through more sustainable and low-carbon methods resulting in significantly lower lifetime emissions compared to conventional steelmaking. Key production routes include use of hydrogen direct reduced iron, renewable energy, electrolysis, and carbon capture and storage.
Motivation for green steel is to lower the carbon footprint of steel production, which accounts for 7-9% of global carbon emissions. The market is growing and Thyssenkrupp AG recently received a 2 billion euros package of state subsidies from the German government for its proposed green steel production. Many major steel producers have green steel strategies and large scale production in the pipeline. By 2033, estimates project green steel could surpass 230 million tons as costs decrease and policy incentives align.