SINGAPORE/BEIJING – Delays to green steel projects are growing and government support is far short of what is needed, jeopardising the industry's drive to cut emissions, steel associations warned at an annual meeting in Singapore this week.
About half of the world's planned green steel projects have already been delayed, while governments have committed just $20-billion of the $1.5-trillion needed to decarbonise the sector, according to the World Steel Association.
Industry executives said progress on cutting emissions has been slow and is likely to remain so without a major increase in State funding or customers willing to pay more for cleaner steel.
The gloomy assessment stands in contrast to renewed investor interest in renewable energy and clean technology following the Iran war, which has driven up oil and gas prices.
CUSTOMERS WON'T PAY A PREMIUM
