While momentum towards decarbonization is growing, the sector is currently not on track to significantly reduce its emissions. This demand increase comes at a point when steel sector emissions need to fall fast to bring the sector in line with a Paris-compatible net-zero by 2050 trajectory. Currently, demand is projected to increase to over 2.5 billion tons per year by 2050, with the bulk of growth in emerging economies. Every year roughly 2 billion tons of steel are produced, contributing to around 7% of global greenhouse gas emissions. The steel sector has to rapidly decarbonize. If we are to achieve deep cuts in emissions in line with keeping a 1.5☌ pathway in reach, there can be no sectoral exceptions.
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