British Steel to spend more than $1.5 billion to reduce emissions by 75% shutterstock

British Steel to spend more than $1.5 billion to reduce emissions by 75%

Katerina Belousova

The first production of green steel will be launched by the end of 2025

British Steel has announced an investment of 1.25 billion pounds ($1.53 billion) to implement two electric arc furnace technology at a plant in Scunthorpe

The initiative is designed to reduce the company's emissions by 75% by 2035, reports AZoM.

It is noted that the project is designed to convert two traditional domains of the electric arc furnace. It is expected that the first production of green steel will be launched by the end of 2025.

“Our desire to significantly reduce our carbon footprint combined with current market conditions means we cannot wait and must transform our business as quickly as possible. And while decarbonisation will not happen overnight, we urgently need to take swift and decisive action to ensure a sustainable future for British Steel," said Siyun Cao, CEO and President of British Steel.

The material said that the project will ensure the necessary volumes of production, as well as meet the immediate requirements of the market and environmental goals. In addition, it will allow the company to address the urgent need for decarbonization and reinforce new standards for the industry.

Earlier, EcoPolitic wote, that the automobile company Porsche AG and the Swedish industrial start-up H2 Green Steel have signed an agreement to supply low-carbon steel for cars until 2030.

As EcoPolitic previously reported, the general director of the Metinvest group Yuriy Ryzhenkov stated that the destroyed enterprises of Azovstal and MMKI in Mariupol will be rebuilt virtually from scratch using new green technologies.

Related
Emissions from the world's largest airports exceeded the damage from 58 coal-fired power plants
Emissions from the world's largest airports exceeded the damage from 58 coal-fired power plants

Sustainable aviation fuel to reduce emissions accounts for 0.1% of jet fuel consumed

UK green economy grew by 9% in 2023 – report
UK green economy grew by 9% in 2023 – report

Investments in the green economy halved to £28 billion a year

Decarbonization of construction requires new environmental approaches – Metinvest
Decarbonization of construction requires new environmental approaches – Metinvest

In 2022, the construction sector's energy-related emissions exceeded the "pre-pandemic" peak by 2%

US to test hydrogen technology to reduce steel emissions by 90%
US to test hydrogen technology to reduce steel emissions by 90%

Funding was allocated as part of a large-scale program for decarbonization of industry for $171 million