The global steelmaking industry faces an immediate $70 billion risk of stranded assets, if it follows through with plans for new coal-powered production facilities, according to a new report from Global Energy Monitor. But – as highlighted in Rethink Energy’s latest forecast for the sector – the necessity to decarbonize will see a huge chunk of these projects, mainly in China, cancelled or retired early. According to Rethink Energy’s report, entitled Renewables Set to Unlock $2.2 Trillion Green Steel Monster, the global steelmaking industry – which accounts for up to 11% of global CO2 emissions (7% directly) – will see an 82% reduction in emissions through to 2050. This is just shy of the 90% reduction in emissions that would…