The world's steel sector will need to prioritise decarbonisation to meet a challenging target of cutting carbon emissions by 75% to keep global warming to within 2 degrees Celsius, natural resources consultancy Wood Mackenzie said on Tuesday.
Slashing global steel emissions to 780 million tonnes of carbon dioxide by 2050 from 3 billion tonnes in 2020 would be very challenging for an industry that accounts for 7% of the world's greenhouse gas emissions, Wood Mackenzie said in a new report.
Demand for the key industrial metal is anticipated to increase 23% to 2.3 billion tonnes between 2020 and 2050, mostly driven by developing economies including India, Southeast Asia and South America, Wood Mackenzie said. It is also suggested reducing emissions intensity of global average electric arc furnaces by 70% and lowering basic oxygen furnace emissions intensity by 30% below current levels.
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