(Reuters) Investors managing assets worth up to $55 trillion have called for urgent action by steelmakers to curb carbon emissions.
The investors say the steel industry has been slow to act in the intended goal of reaching net zero carbon emissions by the middle of the century.
The investors want steel firms to set short, mid, and long-term targets and align their capital expenditures with the net zero goal.
Steel firms have also been encouraged to embrace emerging technology, improve accountability, and reporting on carbon interventions.
World’s largest steelmaker ArcelorMittal and German rival Salzgitter announced hydrogen-based projects earlier this year to lower emissions.
Steel production emissions account for about 9% of the global carbon emissions. The emissions are expected to decline 29% by 2030 and 91% by 2050 to hit the projected net zero outcomes.
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