The world’s steel industry could eliminate its greenhouse gas emissions by 2050 through ramping up recycling, using hydrogen for fuel and capturing carbon from older plants, according to a BloombergNEF study. But getting there won’t be easy. Steel production generates an estimated 7% of global greenhouse gas emissions and some processes can’t easily run on electricity. Switching to zero-carbon production methods will require the industry to spend $215 billion to $278 billion for capital investments, according to a report by Bloomberg’s energy data and analysis unit. Still, steel made under such a system could ultimately cost less than today’s prices.
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