CDP lauds India's Tata, JSW Steel for emission cuts as global sector lags
Steel companies must reduce emissions by 65% to keep global temperature hike below 2°C by 2050
A CDP report named Melting Point, analysing environmental practices for the world’s 20 largest steel companies found that the steel sector was failing to reduce emissions at the rate required to keep global warming below 2°C, with India's Tata Steel and JSW Steel ranked in the top 10 steel firms taking steps to decarbonise their output.
Tata Steel was placed fourth on the list companies exhibiting business-readiness for a low-carbon transition, while JSW Steel was ranked 10th.
CDP said in order for steel companies to follow the required trajectories to keep global temperature rises below 2°C, the sector must reduce its emissions by 65% by 2050.
CDP’s senior analyst, Luke Fletcher, said: “The pace at which the steel sector is reducing emissions is too slow for the transition to a low-carbon economy and it needs to deploy and commercialise radical technologies if it is to avoid looming carbon costs and remain competitive.
“The good news is that technologies to decouple carbon emissions from steel production are emerging; from hydrogen steelmaking to electrolysis using clean electricity. Plus, the sector is already a global leader in recycling, with steel now the world’s most recycled material.”