China updates roadmap for reaching carbon neutrality in steel industry

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China updates roadmap for reaching carbon neutrality in steel industry

Energy 11 Jul 2024 05:42 PM IST GMK Centre

China's Steel Industry Expert Committee on Low-Carbon Metallurgy has released a fresh study on meeting the carbon neutrality target by 2060. The country's target of lowering carbon dioxide emissions from the steel industry by 40% in 2040, 85% in 2050, and 95% in 2060 remains unchanged. China has also committed to being carbon neutral by 2060, which includes absorption, capture, utilisation, and storage. Prior to that, it is necessary to achieve peak emissions by 2030.

The committee added information on low-carbon steel, emissions trading, low-carbon finance, and the European Cross-Border Carbon Adjustment Mechanism (CBAM) to the roadmap. The most recent version also includes a list of 51 technologies covering six strategies to lower carbon emissions.

Chinese steelmakers face challenges to decarbonization, including limited investment cycles and expensive long-term energy (natural gas and hydrogen).

According to the low-carbon research department of the China Steel Development Research Institute, the country’s steelmakers have only one entire investment cycle left for deep decarbonization, which requires steel mills to immediately adopt a green transformation strategy and be cautious about investing in carbon-intensive processes.

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China updates roadmap for reaching carbon neutrality in steel industry

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