Entries tagged with “steel-industry”
Articles
3 articles found for steel-industry:
- Green Steel: How one of the world’s most emission intensive industry plans to decarbonize
Steel is the backbone of societies, buildings, equipment and infrastructure across the globe. It is used in the manufacturing of a range of products, from cars and machines to construction materials for our offices and homes, thereby forming a critical element of contemporary life. However, the innumerable benefits come at a cost as the steel industry is one of the leading contributors to carbon emissions globally. With the steel industry's future at the forefront of climate change discussions, we are in a race against time to clean one of the world's most carbon-intensive industries. As the efforts to meet climate change goals speed up, can innovative technologies enabling the transition towards green steel be the answer to the challenges posed by traditional steelmaking?
- Forging a Sustainable Future: A Look at Steel Companies' ESG Initiatives
In 2022, worldwide production of crude steel totaled 1,885.02 million metric tons (mmt), and demand for steel is anticipated to increase significantly to meet future requirements. However, the steel industry is a major contributor to global greenhouse gas (GHG) emissions due to its reliance on fossil fuels and energy-intensive production processes. Currently, the industry accounts for approximately 8% of the global final energy demand and 7% of the energy sector’s CO2 emissions. Hence, there is pressure on the industry to reduce its carbon footprint. Consequently, it has been exploring various strategies, such as using renewable energy sources, adopting more efficient production methods, and implementing carbon capture and storage technologies to mitigate the environmental impact.
- Carbon Capture – Moving Toward Net-Zero Emissions
To save the planet from climate change, countries and organizations are working toward achieving net-zero emissions. Capture, utilization, and storage of carbon emerged as a leading strategy for limiting the global temperature rise. However, these technologies are expensive to implement in factories and manufacturing facilities. In addition, each technology comes with its set of limitations. If these obstacles can be surmounted, carbon capture can be widely implemented and contribute to a positive environmental impact.