Daily Management Review

Carbon neutral by 2050: ArcelorMittal


This is huge given that ArcelorMittal is the world’s biggest steelmaker.

Source: commons.wikimedia.org; (CC BY-SA 3.0)
Source: commons.wikimedia.org; (CC BY-SA 3.0)
On Wednesday, the world's largest steelmaker, ArcelorMittal stated, it has committed to being carbon neutral by 2050. This however comes with a rider since in order to achieve its targets it will require a level playing field with green border adjustments and abundant, affordable clean energy.
In 2019, ArcelorMittal, which produces nearly 5% of the world’s steel, had said it aims to slash its carbon dioxide emissions by 30% by 2030.
These comments were made by Aditya Mittal, its president and chief financial officer at a conference while speaking on the challenges of decarbonising steel.
“As the world’s leading steel company, we believe we have a responsibility to lead the efforts to decarbonise the steel-making process, which today has a significant carbon footprint,” said Mittal.
The company has a couple of pilot projects in these areas including ones which are trying to use hydrogen to convert iron ore to iron; it is also looking at ways of becoming carbon neutral by using sustainable biomass or carbon capture and storage.
ArcelorMittal has also set policies aimed at meeting its carbon neutral target. Mechanisms, including green border adjustments were needed so that producers could not import cheaper steel made under less stringent environmental criteria elsewhere.
Its carbon neutral policies are based on the bedrock of affordable, abundant clean energy, as well as necessary infrastructure and finance, which must also be in place, said the steelmaker.
The company said it will disclose more details of its plans by the end of December 31, 2020.