Science Based Targets initiative’s Post

The global steel industry contributes around 3.6 gigatonnes of CO2 emissions. I look forward to hearing feedback from industry leaders and practitioners on the latest Sectoral Decarbonization Approach (SDA) from the Science Based Targets initiative. #Futureofheavyindustry #steelindustry #SDA #NetZero #CWNYC2024 #SustainableFutures #Risilience

The Science Based Targets Initiative (SBTi) has launched a groundbreaking decarbonisation framework for the global iron and steel industry. This framework mandates substantial emission cuts, aiming for a 91% reduction by 2050 compared to 2021. This aligns with the crucial target of limiting global temperature rises to 1.5°C. Steel contributes up to 9% of global emissions and is vital in manufacturing, construction, and renewable energy technologies. This initiative marks a significant step toward a sustainable future. For more information, you can read the full story below: #Sustainability #ClimateAction #SBTi #GlobalEmissions #SteelIndustry

ResponsibleSteel™ unveiled a landmark report, "Charting Progress to 1.5°C through Certification". It offers a mapping of the progress needed for the global steel industry to achieve climate commitments. Using two base scenarios – the International Energy Agency (IEA)´s Net Zero Emissions by 2050, and the Mission Possible Partnership’s Carbon Cost – the report offers a detailed mapping of the progress needed for the global steel industry to achieve climate commitments under the Paris Agreement. The report was reviewed in-depth by representatives from the IEA, the Energy Transitions Commission and Systemiq Ltd., and has been endorsed by industry, civil society and intergovernmental organisations including the OECD - OCDE, Baowu Group, the Climate Group, and Lendlease. #greensteel #netzero #lowemissions #decarbonisation #sustainability

Direct air capture technology continues to gain momentum - if progressed to construction, this project would become the first megaton-scale facility outside the US. January's State of Carbon Dioxide Removal report (led by the University of Oxford) identified direct air capture as a measure that would need to be significantly scaled up globally for the world to realise its net zero ambitions. A recent whitepaper by ANGEA explored the importance over coming decades of all forms of carbon capture and storage, as Asia seeks to meet rising energy demand and progress climate targets. Access the CCS Whitepaper: https://bit.ly/3DCR2BZ #carboncapture #ccs #decarbonisation #decarbonization #energytransition #emissionsreduction #netzero

BNEF and Climate Technology Coalition released a white paper on 'Scaling Up Hydrogen: The Case for Low-Carbon Steel'. The steel sector – which accounts for 7% of global carbon emissions – is one of the prime targets for offtake of low-carbon hydrogen. Steel making methods using hydrogen could decarbonize over 40% of global production by 2050. BNEF estimated this would require at least 150 million metric tons of hydrogen per year. 32 offtake agreements/MoUs for hydrogen based steel were identified by BNEF, as of September 2023. Full report attached.

Direct air capture and carbon capture is essential. Forest (primarily rainforests) loss has cost us billions of tons of natural direct air capture capacity a year, and would call for a several hundred billion dollar market to claw that back. While regulators have not incentivized carbon capture to the same degree as other decarbonization approaches, largely because it is a mitigation for a carbon economy rather than a solution to one - in terms of harm reduction, mitigation and buying us more time ahead of several rather ominous environmental tipping points - its hard to imagine something more essential.

With global demand for steel forecast to rise more than a third from 2020 levels by 2050, according to the International Energy Agency (IEA), industry analysts stress the shift towards greener technologies needs to accelerate. Research by the World Benchmarking Alliance found that carbon emission intensities, which measure emissions relative to output, from companies in heavy industries, such as steel, needed to fall three times faster than the present rate in the next five years to align with a 1.5C trajectory. Full article here: https://lnkd.in/efS9EaBj

#NEWS: Last week, the U.S. Department of Energy (DOE) announced it will spend $1.2 billion for two facilities — one in Texas and one in Louisiana — that will collectively remove millions of tons of #carbondioxide annually from the atmosphere using direct air capture (#DAC) technology. The awards represent the first major governmental backing in the world for this #carboncapture technology, and mark the first phase of $3.5 billion in funding for #DAC hubs set aside in the #BipartisanInfrastructureLaw. The IPCC has reported that #DAC and other negative #emissions technologies will need to sequester roughly 1 billion tons of #carbon every year by 2030 to meet global #climategoals. These two announced plants represent the largest scale of #DAC plants to-date. According to the International Energy Agency (IEA), 130 #DAC plants are under development worldwide, with 27 commissioned and 18 completed. All of these are small-scale facilities, with a current collective #carbonremoval capacity of about 11,000 tons annually. The Texas plant will initially be able to capture and sequester 1 million tons of #carbon per year, and eventually rise to 30 million tons/year. The Louisiana plant will store another 1 million tons of carbon annually. Learn more about this announcement in Science Magazine:  

"[Carbon capture] doesn’t really work—one attempt after another has been abandoned, and Stanford’s Mark Jacobson has shown why in a series of seminal papers[https://lnkd.in/gzHjSx99]. As the New York Times explained earlier this year, “after taking into account the energy used to capture and isolate CO2 from flue gas at a fossil fuel-burning industrial plant, the carbon capture system would reduce the plant’s net emissions by only 10 to 11 percent, not the estimated 80 to 90 percent cited by proponents.”" #CarbonCaptureSequestration #CCS #CarbonCaptureUse #CCU #DirectAirCapture #DAC https://lnkd.in/g3Pbs532