Building the roadmap to sustainable steel manufacturing
*Sheren Omega, Head of Sustainability, GRP Could the steel manufacturing industry be a major proponent for sustainability? The steel manufacturing industry is critical to global economic development and, according to S&P Global, the demand for steel is forecasted to edge up to 2.2% in 2023. Despite ongoing trade wars, geo-political conflict and supply chain bottlenecks, steel has yet to let up, owing to the rise in consumption, increased infrastructure construction and thriving automobile sectors. However, the steel industry is also one of the most energy intensive industries, accounting for around 8% of global carbon dioxide emissions. In today’s climate, regulators and consumers alike are more discerning of the toll this industry takes on the environment and societies. Collectively, there has been increased pressure for steel manufacturers to transition into more sustainable practices. The Paris Agreement calls for emissions to be reduced by 45% by 2030 and hopes to reach net zero by 2050. The European Union and its member states have further pledged to cut their carbon emission by at least 55% by 2030 and debated on making the pledge legally binding. With such ambitious goals for reducing carbon emissions, countries need all industries to innovate and transform into a more sustainable mode of production. Steel manufacturing and sustainable operations almost seem mutually exclusive. Nevertheless, as markets are on a rapid rise towards sustainability, there is no doubt that opportunities are vast and wide for the construction and manufacturing industries. To thrive and fulfil their corporate social responsibility, steel manufacturers must have the determination to not only invest their resources into acquiring new technology, but to completely transform their vertical integration to ensure green production. Within the steel industry, energy efficiency has become an increasingly vital strategy to address climate change challenges. According to EY, advancements in technology for over […]