In a recent webinar, coordinated by the NGO, Climate Group, industry experts gave their views on a drive towards producing net-zero steel by 2050. The initiative is supported by eight major steel-buying companies, including Irish based property developer Grosvenor Britain & Ireland, all of whom signed up to a commitment to procuring, specifying or stocking 100% net-zero steel by 2050.
The steel industry is responsible for 7% to 9% of global carbon dioxide emissions related to the use of fossil fuels. The proposal is that blast-furnace produced steel is replaced by hydrogen produced steel. The group recognises that the costs of producing steel with hydrogen are considerably higher. Nonetheless, they point to the long term Renewable Energy Strategy, that incorporated policy, investment, finance and manufacturing technologies, which lead to the cost of wind energy now being competitive with fossil fuel produced energy.
Although the Group feel that carbon neutral steel will eventually be cheaper than steel produced using fossil fuels, they stress that it will take a concentrated and coordinated effort by the Stakeholders and time, maybe even 25 to 30 years.
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