EUROFER: EU's steel decarbonization effort might be impacted if global steel agreements don't reach
1 Dec 2023 16:46 reported by Stanley Wang
The European Steel Association (EUROFER) indicated that the EU and the US are still far from reaching an agreement regarding the implementation of climate protection, dealing with trade distortions in the global industry, and solving the trade dispute between both countries by the end of 2023.
EUROFER also said that the EU and the US agreement for an effective Global Arrangement on Sustainable Steel and Aluminium (GSA) could respond to the problem of overcapacity and carbon intensity in the steel industry and further benefit the goal of reaching the global industry's decarbonization by 2025.
According to data from the Organisation for Economic Cooperation and Development (OECD), the current non-market excess capacity in the global steel industry reached 600 million tons, and it will increase an additional 150 million in the next three years. This new conventional carbon-intensive capacity might emit more CO2 than all EU steel industry emissions and eliminate all the EU's carbon reduction efforts up to 2050 in just three years.
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