China Baowu Announces Global Alliance to Curb Emissions
Members of the alliance include ArcelorMittal, Tata Steel, thyssenkrupp, BHP Group, Rio Tinto, Vale and Fortescue Metals Group. According to Reuters, the alliance aims to advance technological cooperation and promote engineering and industrialization of low-carbon techniques.
"For now, it's hard for any steel firm to realize low-carbon transition on their own," said Hou Angui yesterday at an inaugural ceremony in Shanghai. Hou is Baowu’s vice general manager and serves as secretary general of the alliance.
China aims to bring carbon emissions to a peak by 2030, and has pledged to curb its steel output. In the first 10 months of this year, production has declined 0.7% compared to last year.
The country emits more than 10 billion metric tons of greenhouse gases a year, with the ferrous metal sector representing around 15%.
China Baowu has an average carbon intensity of 1.85 metric tons per metric ton of steel produced. According to Reuters, Baowu said it aims to reduce that by 30% by 2035, thereby achieving carbon neutrality by 2050.
To reach this target, Baowu intends to pursue, among others, the use of hydrogen-enriched blast furnaces, hydrogen-fueled metallurgy, widespread use of scrap, and carbon capture and utilization.
Reuters has more here.