A new report titled from the Economics of Energy Innovation and System Transition (EEIST) project has highlighted four key factors that can be used to drive the transition to green steel.
The report, titled “Towards near-zero emissions steel: modelling-based policy insights for major producers”, reveals the production of steel accounts for approximately 7.4% of global carbon emissions.
Without steel, it would be almost impossible for a warehouse equipment manufacturer to make essential warehouse equipment such as shelving, trolleys, and packing stations. There is a worldwide effort to find efficient and cost-effective ways of producing greener steel with minimal or no carbon emissions. The new report highlights four policies that drive the move to green steel – carbon pricing, new blast furnace restrictions, subsidies and mandates.
Carbon pricing makes the steel manufacturer responsible for the damage caused by their carbon emissions. Carbon pricing policies include a carbon tax and carbon permit trading.
Blast furnaces produce more carbon emissions than electric arc furnaces. Restrictions on the construction of new blast furnaces force steel manufacturers to use fewer polluting furnaces.
Green steel tends to be more expensive than traditionally produced steel, but subsidies can lower the price difference. Co-author of the report, Simon Sharpe, commented,
“Targeted subsidies are what is needed to deploy clean primary steel, and if the costs are recharged to the industry itself, governments do not have to worry about where to find the money.”
The fourth policy, carbon mandates, forces manufacturers to reduce their greenhouse gas emissions and meet specific targets.
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