No ‘silver bullet’ for green steel production, needs multiple solutions: report - South China Morning Post
Climate change: green steel production requires multiple solutions, no ‘silver bullet’, report says | South China Morning Post
Workers make iron bars in a steel factory in Lianyungang, in China’s eastern Jiangsu province, on February 12, 2021. Photo: AFP
Climate change: green steel production requires multiple solutions, no ‘silver bullet’, report says
- Multiple technologies like carbon dioxide capture and energy-efficient iron ore reduction are being trialled amid decarbonisation efforts, according to McKinsey
- China’s steel industry has been experimenting with similar technologies to meet Beijing’s edict that it reach peak carbon emissions before 2030
Workers make iron bars in a steel factory in Lianyungang, in China’s eastern Jiangsu province, on February 12, 2021. Photo: AFP
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”