The Institute for Energy Economics and Financial Analysis (IEEFA) points out that China's steel industry is rapidly advancing the application of green technologies and may surpass Europe in the field of green steel in the future. 

One example of the slowdown in green steel development at European steel mills is Sweden's Stegra, which faces a funding gap and currently relies solely on limited financial support from the Swedish government. This highlights the overall predicament of insufficient funding and development momentum facing the European green steel industry as a whole. 

In contrast, China is rapidly dominating global renewable energy production capacity and technology development, particularly in the field of green hydrogen energy. China's Baosteel already operates the world's largest hydrogen steelmaking demonstration plant, significantly improving the feasibility of scaling up hydrogen steelmaking technology. 

China not only dominates in terms of production capacity but also leads in several key green energy technologies, including electric vehicles and batteries.