The steel industry is one of the most important foundations of modern society, with the equipment used in virtually every other industry, including steel components. Today, it's unimaginable to go through an entire day without using something made of steel. The earliest steel artifacts date back to 1,800 BCE, and it is theorized that the Industrial Revolution would not have been possible without the use of this very valuable metal.
However, the steel industry is also a significant contributor to carbon and greenhouse gas emissions, which drive climate change. The steel industry accounts for approximately 7% of global CO2 emissions due to its use of fossil fuels, such as those in coal-powered blast furnaces. While various industries are beginning the process of decarbonization or reduction of carbon dioxide emissions through the use of low-carbon sources of energy, the steel industry is lagging. Decarbonizing their steel industries is an important component for countries meeting their net zero goals, but the global industry is behind on its targets. That exposes it to stranded asset risks totaling USD 518 billion.
