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illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below:
🗞️ Driving the news: Europe's steel industry risks missing climate targets despite billions in subsidies, environmental campaigners warn
• Companies like ArcelorMittal and Thyssenkrupp have received significant funding but are not progressing fast enough to meet science-based emissions targets
🔭 The context: Since 2022, the European Commission has committed over €8bn to help major steel producers decarbonize
• ArcelorMittal has received €3bn, Thyssenkrupp €2bn, and Salzgitter €1bn for various projects aimed at reducing carbon intensity in steel production
🌍 Why it matters for the planet: The steel industry is a major emitter of CO₂, responsible for 7-9% of global fossil fuel emissions
• Meeting climate targets is crucial to limiting global warming to 1.5C above pre-industrial levels as per the Paris Agreement
⏭️ What's next: Industry analysts stress the need for a faster shift to greener technologies, like electric arc furnaces and direct reduced iron plants, to meet climate goals
• Further transparency and investment in decarbonization are critical
💬 One quote: "The steel groups have set quite ambitious targets, but if we look at how they are performing at this point in time, they are not going to meet these,” said Vicky Sins, World Benchmarking Alliance
📈 One stat: WBA's research indicates that carbon emission intensities from steel companies need to fall three times faster in the next five years to align with a 1.5C warming trajectory
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