The European Commission has published recently its revised target to reduce emissions by 55% by 2030, compared to 1990 levels. While the European steel industry is already hard at work developing new ways to produce carbon-lean steels, the EU needs to implement a set of concrete measures to ensure that decarbonization is achieved while actually ensuring growth and sustainability.
This framework consists of support for investment in innovation and roll-out, the creation of a market for green materials, the availability of the appropriate renewable energy sources, an international level playing field, and the application of the EU trade defense instruments without inhibition against third country trade distortions. This framework needs to be established as a matter of urgency.
The European steel industry is the most advanced sector in terms of its low-carbon projects. However, success will be measured in the outcome: sustained existence of a thriving, innovative, decarbonized domestic steel industry in 2050.
