Decarbonisation in the Global Steel Sector: Tracking the Progress

An executive summary by the NewClimate Institute analyzing the progress of the global steel sector's decarbonization efforts, focusing on the GHG reduction targets of the top 60 steel producers and the gap between current targets and 1.5°C compatible benchmarks.

• The global steel sector is not currently on track to halve CO2 emissions by 2030 or achieve full decarbonization by 2050. Full implementation of existing GHG reduction targets from steel producing companies could reduce CO2 emissions by 7-10% in 2030 and 30-39% in 2050 compared to the baseline scenario, which corresponds to a 6-12% and 36-50% reduction from 2019 levels, respectively.
• Among the top 60 steel producers—who account for over 60% of global production and 65% of global CO2 emissions from steel—only 26 have one or more GHG reduction targets. Of those 26, only 8 provide details on the timeline and measures to achieve them, while 12 provide no information at all.
• Current GHG reduction targets may reduce emission intensity by 18-23% in 2030 and 54-63% in 2050 relative to 2019 levels, but 1.5°C compatible benchmarks require a decline of more than 90% and up to 100% by 2050.
• Three supply-side priorities are identified for the sector: stopping new blast furnace investments unless they support deep emission reductions, innovating and commercializing deep reduction technologies for primary steel, and increasing scrap steel recycling. Approximately 45% of current BF-BOF stock is nearing the end of its life, providing an opportunity to avoid technological lock-ins.

APA

NewClimate Institute (2022). Decarbonisation in the Global Steel Sector: Tracking the Progress. http://www.newclimate.org/resources/publications/decarbonisation-in-the-global-steel-sector-tracking-the-progress

Chicago

NewClimate Institute. Decarbonisation in the Global Steel Sector: Tracking the Progress. 2022. http://www.newclimate.org/resources/publications/decarbonisation-in-the-global-steel-sector-tracking-the-progress.

Wikipedia

{{cite report |author=NewClimate Institute |title=Decarbonisation in the Global Steel Sector: Tracking the Progress |date=2 December 2022 |url=http://www.newclimate.org/resources/publications/decarbonisation-in-the-global-steel-sector-tracking-the-progress |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{newclimateinstitute2022decarbonisation, author = {{NewClimate Institute}}, title = {{Decarbonisation in the Global Steel Sector: Tracking the Progress}}, institution = {NewClimate Institute}, year = {2022}, month = dec, url = {http://www.newclimate.org/resources/publications/decarbonisation-in-the-global-steel-sector-tracking-the-progress}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }