Decarbonisation goals hinge on India increasing its plans for green steel manufacture, says the Global Energy Monitor (GEM) in its annual report on global iron and steel production.
The report, Pedal to the Metal, evaluates the progress being made toward reaching 2030 iron and steel decarbonisation goals.
Key to ‘greening’ the industry is to move away from coal-based blast furnaces and transition to electric arc furnaces (EAFs), which produce significantly fewer carbon emissions even if the grid is largely coal-based.
The International Energy Agency requires 38% of global steel capacity to rely on EAFs by 2030.
A key finding of this year’s GEM report is that this decarbonisation goal could feasibly be reached but all depends on India, which has the largest development pipeline of steelmaking capacity globally.
Data from GEM’s Global Iron and Steel Tracker shows that by 2030, the proportion of global steelmaking capacity relying on EAFs is expected to reach 36%, or 868 million tonnes per...