Net Zero Industry Tracker 2024 Steel

0.8 0.20.41.01.21.41.6tCO2e/t of steel 0.6 BAU Net zero2022 20502050 BAU scenario 1.1 tCO2e/t of steel 2050 net- zero scenario 0.6 tCO2e/t of steel 20301.071.3 01.48 1.48 1.01.5 0.52.02.53.03.5 0CO2 emissions, Gt CO2Top three mitigation methods 2022 2030 2050 Electrification Expected to reduce emissions by 27% Hydrogen-based Expected to reduce emissions by 21% Energy efficiency Expected to reduce emissions by 19% Increase in activity Avoided demand Energy efficiency Electrification Other process shifts CCUS Hydrogen-based Other fuel shifts+11% -27%+13% -90%H2Readiness Emission intensity trajectory for the steel sector Decarbonization levers and top mitigation methods (NZE Scenario)FIGURE 41 FIGURE 42Source: IEA and STEPS Scenario (BAU). The demand for steel is expected to grow by 32% by 2050. This increase will primarily be driven by rising urbanization and industrialization in emerging economies, and the growth of green energy infrastructure due to the energy transition, which will require significant amounts of steel.Thus, the industry must act quickly to reduce emission intensity and offset the increase in demand. The top three decarbonization levers for steel are electrification, use of hydrogen in production and energy efficiency. Source: IEA. Net-Zero Industry Tracker: 2024 Edition 5