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illuminem summarizes for you the essential news of the day. Read the full piece on CNN or enjoy below:
🗞️ Driving the news: In northern Sweden, the world's first large-scale green steel project, led by H2 Green Steel, is set to revolutionize the steel industry by using green hydrogen instead of coal, aiming to cut carbon pollution by 95% and produce 5 million metric tons of green steel by 2030
🔭 The context: Steel production, responsible for 7-9% of global carbon emissions, heavily relies on coal
• New technologies like green hydrogen and electric arc furnaces are emerging as alternatives, but the transition is slow, and new coal-powered plants continue to be approved globally
🌍 Why it matters for the planet: Decarbonizing steel is crucial for reducing industrial carbon emissions
• Green steel technology, though expensive and energy-intensive, offers a significant reduction in carbon pollution, essential for meeting global climate targets
⏭️ What's next: Scaling up green hydrogen production and increasing renewable energy capacity are necessary for widespread adoption of green steel
• Countries must invest in and commit to long-term, sustainable steel production practices
💬 One quote: "The sector is not on track," said Mohamed Atouife, a researcher at Princeton University specializing in green hydrogen for heavy industry
📈 One stat: The steel industry accounts for nearly 2 billion metric tons of annual consumption globally, with demand projected to increase by 30% by 2050
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