Tata Steel has joined some of the world’s leading steelmakers to produce a set of clear recommendations for adopting science-based targets for the industry’s road to net-zero.
A new report (see here for full details) produced by steelmakers, the World Steel Association and ResponsibleSteel, sets out a framework for developing robust guidance for those in the sector who wish to make a realistic and credible commitment to the Paris Agreement, with a net-zero or ‘science-based target’.
Annemarie Manger, Director Sustainability at Tata Steel in Europe, said “Sustainability is at the heart of our strategy and steel is at the heart of global sustainability. This is why we have set ourselves a target to reduce our steelmaking emissions in Europe by 30-40% by 2030. To do this we will need to make significant investments to decarbonise our assets in the coming years, so we are preparing various decarbonisation options including hydrogen-based steel production technology and, especially in support of more rapid decarbonisation, carbon capture, storage or utilisation.
“Decarbonising the steel sector will need action not just from us and other steelmakers, but governments, policy, makers, markets and other stakeholders, including civil society, who will all need to work together to solve the challenge. We very much welcome the publication of this report as an important step on the pathway to a decarbonised sector, by making a valuable contribution to supporting steel producers with their own target-setting and transition”.
Fifteen of the world’s largest steelmakers contributed to the report over the last year in order to produce these recommendations which will help the steel industry set ambitious net-zero carbon targets. These recommendations are urgently needed as the steel sector currently emits between 7-9% of global CO2 emissions annually. However, steelmakers will not be able to achieve net zero on their own – significant support will be needed from both investors and policy makers to create the right environment for the massive and long-term investment required to make the structural changes needed.