Posted on 14 Nov 2024
SSAB, a leading Nordic and US-based steel company, has called for a global push towards carbon pricing mechanisms to reduce the steel industry's carbon footprint, Mysteel Global learned from a statement released on November 11. This appeal was made during the ongoing United Nations Climate Change Conference (COP29) in Baku, Azerbaijan.
At the conference, SSAB emphasized the need for global policymakers to commit to robust Nationally Determined Contributions (NDCs). These should clearly outline the transition away from fossil fuels and create a framework that encourages investment in green technologies.
"We need to phase out fossil fuels, and it must come with a cost to emit," said Martin Pei, Chief Technology Officer at SSAB. He further stressed that a global carbon pricing mechanism and standardized emissions targets are crucial for driving faster industrial decarbonization.
SSAB advocates for increased ambition and urgency in the climate transition, urging countries to raise their national climate goals. The company also emphasized the importance of creating an environment conducive to investment and competitive transformation in green technologies.
During the conference, Pei also pointed out that trade rules should focus more on the sustainability aspects of steel, rather than imposing blanket tariffs. "Creating internationally accepted trade rules for near-zero-emission steel products would allow for significant reductions in global CO2 emissions by incentivizing the adoption of clean steel production technologies," he explained.
In 2023, SSAB introduced a nearly c-emission steel, known as SSAB Zero, produced using fossil-free energy and recycled scrap. This product is made at its electric-arc-furnace (EAF) mill in Montpelier, Iowa.
In collaboration with mining company LKAB and energy firm Vattenfall, SSAB has also developed the HYBRIT technology, which uses hydrogen produced with fossil-free electricity to make hot briquetted iron (HBI) from iron ore pellets. To date, SSAB has produced around 1,000 metric tons of steel using this innovative HYBRIT technology.
Source:Mysteel Global