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Pedal to the metal: iron and steel’s US$1.4 trillion shot at decarbonisation
SOBERING CHALLENGE
-
50 mtpa of Green hydrogen priced at $2/kg
- Switching to clean energy requires 2000 GW of dedicated renewable power (2/3 of current total capacity)
- High-grade iron ore consumption will have to increase five fold to 750 million tonnes.
- Transitioning to greener feedstock will require a doubling of the global scrap pool from current levels to 1.3 billion tonnes (entailing recovery rates of more than 80%).
- The industry will need to capture and store 470 Mt of carbon to reach its emission target.
REQUIRES TREMENDOUS INVESTMENTS
What Should Steel makers Do?
- Resource efficiency: blend more scrap, ferro-coke, high-grade raw materials and biomass into existing steelmaking
- Energy efficiency: top-gas recycling, heat recovery, invest in renewable energy
- Optimisation of current and new fleets of furnaces: replace archaic ones with new technology, such as smelting reduction
- Blend green hydrogen with gas for iron making until it reaches commercial scale.
Pedal to the metal: iron and steel’s US$1.4 trillion shot at decarbonisation
The industrialised world cannot function without steel. It is essential to everything from the buildings we live in to the ways we get around. Wood Mackenzie estimates that meeting global steel demand will require 2.2 billion tonnes of production by 2050.
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