Global steel sector lagging on green transition as coal-powered production rises, research shows
SINGAPORE: As much as 303 million metric tons per year of new high-emitting blast furnace capacity is under development, especially in major steel producers India and China, new research showed, suggesting it will still make up the vast majority of production by 2030.
Steel production is responsible for about 11 per cent of total climate warming greenhouse gas emissions, with global steel demand set to exceed 2 billion tons by 2030, the US-based Global Energy Monitor think tank said.
While cleaner electric arc furnace technology is expected to rise 24 per cent by then, blast furnace capacity is set to rise 7 per cent and account for 64 per cent of total global output, GEM said.
The think tank warned that the steps taken by India, which accounts for 57 per cent of all new coal-based blast furnace capacity under development, will be pivotal in "greening one of the world's most polluting industries".
"India is now the bellwether of global steel decarbonisation," Astrid Grigsby-Schulte, one of the report's authors, said in a statement.
The actions of its steel industry will determine how close the sector gets to the International Energy Agency's target of switching 38 per cent of furnaces to electric arc by 2030.
China, the world's biggest steel producer, built around 21 million tons of new blast furnace capacity last year, while India added another 10 million tons, GEM data showed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
US-China trade talks in London hang over markets
LONDON: United States-China trade talks in London held markets' attention on Monday (Jun 9), with Asian stocks rising, Wall Street mixed and Europe dipping. The London negotiations, following on from a first round in Geneva last month, aim to quell renewed tariff tensions between Washington and Beijing. New York's Dow and S&P 500 indices were lower, while the tech-heavy Nasdaq rose slightly in early trading. Asian shares closed up on hopes of a deal, and catching up with Wall Street from Friday, when US jobs data suggested the American economy was doing well, for now. The dollar, however, was largely unmoved, with persistent fears of higher US inflation in the pipeline from Trump's generalised tariffs weighing on it. London, Paris and Frankfurt indices were all lower. While the US economy was showing resilience, official data on Monday showed China's exports to the US last month grew at a slower pace than expected, even as they picked up to the European Union and Asia. The US-China talks took place following a call between US President Donald Trump and Chinese President Xi Jinping last Thursday. They sought a de-escalation after each had accused the other of violating the terms of a tariffs reprieve struck in Geneva in mid-May. The US side in London on Monday was led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, while Vice Premier He Lifeng headed the Chinese team. Their meeting was helped by news that Beijing on Saturday approved some applications for rare-earth exports, while US aviation giant Boeing is to start sending commercial jets to China for the first time since April. Easing China's export controls on rare-earths was key for Washington, "while China wants the US to rethink immigration curbs on students, restrictions on access to advanced technology, including microchips, and to make it easier for Chinese tech providers to access US consumers", said Kathleen Brooks, research director at XTB. "The outcome of these discussions will be crucial for market sentiment," she said. The dollar's weakness came as economists warned that Trump's tariffs on most of the world could reignite inflation, and as the US Federal Reserve weighs whether to lower interest rates. "The May minutes and recent comments by several (policy board) members ... suggest the Fed is highly attentive to the risk that tariffs will lead to a persistent inflation shock," wrote analysts at Bank of America. In corporate news, entertainment giant Warner Bros Discovery announced plans to split into two publicly traded companies, sending its share price higher by more than 9 per cent. One would be a Streaming and Studios company covering film and TV production and catalogues, and the other a Global Network company with television brands including CNN and Discovery, and free-to-air channels in Europe. US semiconductor maker Qualcomm also announced it was buying a United Kingdom firm, Alphawave, for US$2.4 billion as demand for database infrastructure heated up from demand in the artificial intelligence sector.
Independent Singapore
an hour ago
- Independent Singapore
Sparks fly in Shanghai as U.S. and China clash over trade tensions
SHANGHAI: At a prestigious event commemorating the 110th anniversary of the American Chamber of Commerce (AmCham) in Shanghai on Friday, U.S. and Chinese representatives openly disagreed over the state of economic relations between the world's two largest economies. Sharp exchanges highlight strained relations According to the latest Reuters report, Scott Walker, Consul General of the U.S. Consulate in Shanghai, denounced China for maintaining an 'unbalanced and non-reciprocal' relationship that has unfairly disadvantaged American industries operating on Chinese soil. 'We want an end to discriminatory actions and retaliation against U.S. companies in China,' Walker stated, setting the tenor for an edgy negotiation. With an instantaneous reaction, Chen Jing, a senior Shanghai Communist Party bureaucrat and president of the Shanghai People's Association for Friendship with Foreign Countries, dismissed Walker's comments as 'prejudiced' and 'ungrounded,' stressing that they were not consistent during the latest phone call between Presidents Trump and Xi Jinping. This verbal sparring highlighted the continuing friction amid a delicate economic collaboration. Trade war pressures and diplomatic overtures The fiery discussion comes on the heels of a highly anticipated phone call between President Donald Trump and Chinese President Xi Jinping, intended to resolve weeks of escalating trade tensions. The leaders purportedly decided to continue the negotiations following disagreements over essential 'rare earth' minerals—vital elements in contemporary technology—that threaten to disrupt a tentative ceasefire. Notwithstanding a 90-day tariff rollback arrangement inked in May, larger problems remain unsettled. Washington blames Beijing for breaching the terms, while industries face an uncertain future amid the volatility of U.S.-China relations. The festering trade conflict continues to loom over both nations, with businesses caught in the line of fire. Businesses seek certainty amid uncertainty Talking to reporters during the event, Eric Zheng, President of AmCham Shanghai, articulated the disappointment and annoyance felt across the business community. With more than 1,000 member companies, AmCham embodies a substantial percentage of American commercial interests in China. Zheng disclosed that numerous corporations have investments and operational decisions pending, expecting stronger signals from both governments. See also Poll: Trump's approval rating at all-time high 'Our number one ask from the two governments is to give us some certainty so that we can plan accordingly,' Zheng said. 'People are looking for some more definitive, durable statements on both sides that enable businesses to feel more secure.' As U.S.-China economic ties remain edgy, American establishments in China are hoping for stability to protect their future growth, and for the pomposity to simmer down in favor of productive collaboration.
CNA
2 hours ago
- CNA
US-China rivalry poses challenges for deepening China-Hong Kong links
China has increased efforts to connect Hong Kong more closely to the mainland, both economically and socially. But with the US-China rivalry deepening, being so close to China has posed challenges for the city. CNA's May Wong reports from Hong Kong.
