Steelmaking – one of the world’s dirtiest industries – will end up becoming of the greatest opportunities for renewable energy, according to a new report from Rethink Technology Research. In the wake of a 1,000-year coal legacy, a combination hydrogen and scrap-based production will see a 20-fold increase in the sector’s demand for clean power, while driving it towards net zero emissions by 2050.
The report, entitled Renewables set to unlock $2.2 trillion Green Steel Monster outlines how, fueled by the development of emerging economies, the global steel industry will not witness the same peak in demand as coal, oil, and gas within the first half of the century, and will rise by more than 50% through to 2050.
Without change, by 2050, the steelmaking industry, which currently accounts for around 7% of global emissions, would burn through more than 60% of the remaining carbon budget to keep climate change from surpassing 1.5 degrees Celsius.
This forecast provides unparalleled insight into the technological, political, and economic drivers behind the steelmaking industry’s largest transition for over 1,000 years, and is essential reading for those throughout the value chain for steel. This encompasses those producing iron ore, scrap steel, hydrogen, and clean energy for innovative steelmaking processes; those developing and investing in these ventures; as well as those trying to decarbonize their steel-dependent supply chains in the automotive, manufacturing, construction, and consumer goods industries.
This report from Rethink Energy, part of Rethink Technology Research is available for $2,300 for a 1-5 user license and $3,800 for a corporate license. Customers will also get a free annual subscription to the Rethink Energy weekly analysis and full access to our archives.