The largest steel company in the world has published a plan for decarbonizing production 
Saving the planet by reducing emissions of harmful substances into the environment, Bloomberg reports.
The largest steel producer has published a plan to decarbonize (reduce carbon emissions) production. It includes six points: improving the energy efficiency of existing blast furnaces, reducing the carbon footprint of blast furnaces by 30 percent, making steel using hydrogen as a fuel, upgrading electric arc furnaces, increasing the use of recycled steel, and developing technology to capture carbon in production.
The Chinese steelmaker has also decided to set up a fund that will spend 35 million yuan (about $ 5.5 million) annually on research into low-carbon metallurgy. It is also planned to create an alliance among 62 factories and enterprises to reduce greenhouse gas emissions, which are created by the metallurgical sector, harm the planet. At the same time, the published plans for decarbonization of the company do not include the timing of their implementation. The company previously announced that it will peak emissions in 2023, after which it will move to carbon neutrality until 2050.
China Baowu Steel Group clarifies that the use of hydrogen as a fuel is a key element for decarbonizing enterprises. At the same time, such a technology is still not developed and costly, according to the agency's analysts, the production of steel using hydrogen as an alternative to fossil fuels (coal) may become profitable only by 2050.
The process of decarbonization of enterprises around the world faces serious obstacles. Experts note that traditional energy sources, for example, oil and gas, will remain part of the global energy system for many years to come. Thus, according to Bernard Looney, CEO of British oil and gas company BP, hydrocarbons will continue to play an important role in the future, despite active efforts to switch to renewable energy sources. The best thing to do in such a situation, in his opinion, is to balance the extraction and processing of fossil fuels to reduce carbon emissions.