October 8, 2020 Read More →

World’s largest steel company plans net-zero by 2050

Inside Climate News:

One of the greatest challenges in the fight against climate change is figuring out a clean way to make steel.

We’re talking about a skyscraper-sized challenge with foundational stakes, because steel is essential for our economy but it is also responsible for 8 percent of the world’s carbon emissions, according to one estimate.

So it’s a huge deal that the world’s largest steel company, ArcelorMittal, said last week that it is setting a target of net-zero emissions by 2050. 

To help understand what’s happening, I reached out to Kathy Hipple, a financial analyst for the Institute for Energy Economics and Financial Analysis, a think tank that does research to support the energy transition.

“Fundamentally, we are in the midst of an energy transition that is accelerating and Covid has accelerated it, but this energy transition has been underway for at least a decade,” she said. “Simply from a financial standpoint, Exxon really does represent the past.” 

[Dan Gearino]

More: Inside Clean Energy: A Steel Giant Joins a Growing List of Companies Aiming for Net-Zero by 2050

Posted in: IEEFA In the News

Comments are closed.