BNEF: steel industry set to pivot to hydrogen in green push; additional $278B for clean capacity and retrofits
Steel production could be made with almost no carbon emissions through $278 billion of extra investment by 2050, according to a new report from research firm BloombergNEF (BNEF). Hydrogen and recycling are likely to play a central role in reducing emissions from steel production. Steel is responsible for around 7% of man-made greenhouse gas emissions every year and is one of the world’s most polluting industries. Government and corporate net-zero commitments are pushing the steel industry to cancel out its emissions by 2050. Efforts to decarbonize steel production are central to the net-zero aspirations of China, Japan, Korea and the European Union.
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