Moving away from coal to produce steel by 2030 is 53% cheaper than reducing its emissions

Investing to stop relying on coal in steel production by 2030 is now 53% or 800,000 million dollars cheaper than what it would cost to reduce the same amount of emissions later in other sectors of the economy or with the elimination of carbon (1.5 trillion dollars), in a scenario in which the Earth warms at most 1.5 degrees more than in the pre-industrial era. This is according to a new study led by scientists at the Potsdam Institute for Climate Impact Research (Germany) and published in the journal ‘Nature Climate Change’. Steel production accounted for 7% of global emissions in 2023, more than the EU’s annual emissions. Steel produced from coal accounts for about 70% of global production. This sector is expanding, especially in emerging economies experiencing rapid industrialization. About half of all planned projects are coal-based, and once built, they will likely operate for decades, leading to emissions well into the 2060s.

“If we really want to reduce global warming to 1.5°C after we have exceeded it, the steel sector is a very effective place to invest now to achieve significant savings in emissions,” according to Clara Bachorz of the Potsdam Institute for Climate Impact Research.

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