Steel Sector’s Coal Reliance Puts Green Transition in Doubt: GEM
Stockpiles of coal at a sorting and storage facility near the Beilun Port in Ningbo, China.
Source: Bloomberg
The global steel industry’s green transition is threatened by continued spending on coal-based production and underinvestment in cleaner methods, according to a clean energy research group.
Some 319 million tons of annual blast furnace capacity that uses coal is under development, a 5% increase from the previous year, according to Global Energy Monitor’s annual report on the steel sector. Combined with the overhaul of another 80 million tons of existing facilities, the total far outpaces the 141 million tons that’s due to be retired.