According to the University of Sussex Business School, multi-billion-pound investments in emission-limiting technology will be needed over the next five to ten years or its contribution to climate change could double.
Iron and steel production is one of the largest industrial emitters of CO2 and is responsible for 7 per cent of global greenhouse gas emissions. The researchers warn this could rise to 12 per cent of the global carbon budget should the industry fail to promptly take up opportunities to upgrade existing facilities with net-zero capabilities.
While many carbon-emitting sectors are transforming their operations to adhere to net-zero principles, steel has been lacking – steel manufactured entirely without fossil fuels was only manufactured for the first time this summer.
The report warns that if the industry takes no action over the next five years to phase-out carbon-intensive blast furnaces, the cumulative emission commitment from iron and...