Steel giant ArcelorMittal targets carbon neutral European operations by 2050

(Business Green, 10 Jun 2019) Global steelmaker publishes climate action report setting out ambition to bring its business in line with the Paris Agreement.

Steelmaking giant ArcelorMittal has laid down the gauntlet to become carbon neutral across its European operations by 2050, setting a goal to "significantly reduce" its global emissions while stressing that doing so will likely "require a fundamental change in the science of steelmaking".

The global steel firm released its first Climate Action Report last week, in which it said it was building a strategic roadmap to accelerate the development of low emissions steelmaking technologies in a bid to align its business with the international climate goals of the Paris Agreement.

To achieve carbon neutrality in the EU by 2050, the firm said it would launch an interim carbon reduction target for 2030 next year which would replace its current, far less ambitious goal to reduce emissions by eight per cent against a 2007 baseline.

Lakshmi Mittal, the company's chairman and CEO, said the firm was committed to its climate objectives, stressing his belief that the steel industry was capable of delivering carbon emissions reduction targets in line with the Paris Agreement.

"Limiting the temperature increase to two degrees or less is no easy challenge," he said. "Real and genuine understanding of the complexities and an approach of collaboration and flexibility will be critical if we are to succeed. Specifically, we will need a more supportive policy environment that considers the global nature of steel, the cost implications of significantly changing the way steel is made and the clean energy supply needed to do so."

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Business Green, 10 Jun 2019: Steel giant ArcelorMittal targets carbon neutral European operations by 2050