Net Zero Industry Tracker 2024 Steel

STEEL Key performance data 2023291,292,293 7%2.8 Gt CO2e 1.8% Contribution to global CO2e emissionsScope 1 and 2 emissions Emissions increase (2019-2023) 1. 5 tCO2e/t 83%1.3 times Emissions intensity (per tonne of steel, 2023)Fossil fuels in the fuel mix (2022) Demand in NZE scenario by 2050, compared to 2023 Performance summary –The industry has seen an increase in emission intensity by 0.6%294 in the 2019-2023 period. This is mainly driven by an increase in production in regions that heavily rely on blast furnaces, which are high in emissions intensity. –Steel production saw a marginal increase by 0.1% in 2023 vs. 2022.295 –In 2022, the energy mix for steel production consisted of 73% coal, 14% electricity, 8% natural gas, 1% oil and 3% others, including bioenergy.296 –The planned capacity of BF-BOF went from 64.5% to 64%,297 and EAF from 32% to 43%, from 2022 to 2023, indicating a move towards cleaner technology.298 Future emissions trajectory –The industry targets a 45% reduction in intensity for primary steel and a 65% reduction for secondary steel by 2030, and net-zero emissions by 2050.299 –In total, 77% of large publicly traded steel companies consider climate change in their decision- making processes.300 Net-Zero Industry Tracker: 2024 Edition 2