NEWS COMMENTARY

Germany pushes for carbon neutrality in its steel sector by 2050

Published:
July 22, 2020
Coverage:
Owning the Energy Transition
Activities:
Policy
Very important

In a recently unveiled "National Steel Strategy" roadmap, Germany pledged to decarbonize its steel sector by 2050, which it estimates would cost $34 billion, but failed to commit to financial incentives for the industry to reach that goal. The pledge comes on the heels of the unveiling of its National Hydrogen Strategy, which is a key component to decarbonizing its industrial sector, including steel. Clients should monitor Germany's actions in decarbonizing its steel industry – implementation of supporting mechanisms like a minimum quota for low-carbon steel or a "green steel" label will likely spread throughout the EU and force steelmakers to adopt and deploy novel technologies for low-carbon steel. 

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