Abstract:
Steelmaking represents one of the most carbon-intensive industries - second only to cement - and is responsible for 8% of global CO2 emissions. The creation of a market for premium, low-carbon emission steel products, or 'green steel', could serve as a means of generating revenue streams to accelerate the implementation of breakthrough low-carbon technologies such as direct hydrogen reduction or carbon capture and storage. However, today, there is no universally agreed upon definition for what constitutes 'green steel' - this is the central theme that this paper aims to address. Based on interviews with key industry stakeholders, this article provides an overview of the variety standards and definitions which exist for greener steel in the market, their applicability and shortcomings, and emerging regulations, including recommendations for industry.