Commenting on the 2050 net zero target, before speaking about the challenge of decarbonising the steel industry at the Financial Times Commodities Conference today, Aditya Mittal, President and CFO, said:
While both routes have the potential to deliver carbon-neutral steel by 2050, we believe that Smart Carbon can deliver results sooner, and make a meaningful contribution to CO2 emissions reduction this decade, while industrial scale production from the Hydrogen-DRI route is unlikely to be significant before 2030 due to the current high costs.
ArcelorMittal will set out further detail in support of its 2050 net zero target in its second climate action report, which is anticipated to be published before the end of 2020.
ArcelorMittal is a member of the Energy Transitions Commission (ETC) and is an active member of the ETC’s Net Zero Steel Initiative underway in partnership with the World Economic Forum. ArcelorMittal is also actively engaged with the Science Based Targets Initiative (SBTI) to define an achievable SBT for the steel industry taking into account the two distinct routes in operation today.
*In its Climate Action Report and Europe Climate Action Report, ArcelorMittal refers to three clean energy vectors: clean electricity, circular carbon, and CCS.