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European Steel to Miss Climate Goals Without Technology Shift

  • Shift to low-carbon technologies by 2033: Industry Tracker
  • Many steelmakers still lack plan to reduce carbon emissions
Salzgitter AG Steel Plant Tour Ahead of Earnings
Photographer: Krisztian Bocsi/Bloomberg

Europe’s steel industry must shift to low-carbon technologies from coal-fired blast furnaces within 12 years to prevent global warming exceeding the targets set by the Paris Agreement on climate change.

New or refurbished blast furnaces have a lifespan of as long as two decades, highlighting the risk of long-term climate impacts if the switch isn’t made by 2033, according to a report from research house Industry Tracker. By contrast, many of the region’s steelmakers lack long-term plans to reduce emissions, it said.