Project-specific long-term Carbon Contracts for Difference (CCfD) can be an important tool to facilitate a viable business model and to launch large scale, innovative projects to reduce emissions in industrial sectors such as steel.
The European steel industry is keen to start the transformation. Our ambition is – under the right conditions - to reduce CO2 emissions by 2030 by 30% compared to 2018 (which equates to 55% compared to 1990) and towards carbon neutrality by 2050. The sector is able to significantly advance the EU’s climate objectives as CO2 emissions are concentrated in a limited number of installations that cover about 25% of EU industrial and almost 6% of EU total CO2 emissions. These could have the highest abatement potential in volume amongst all industrial sectors if our projects can be implemented successfully and low-carbon steel finds its way into the market.
Brussels, 15 July 2021 – The Fit for 55 package, released yesterday by the European Commission, needs a more finely balanced approach to enable the decarbonisation of EU steel industry whilst avoiding the leakage of production and CO2 emissions outside the EU.
Brussels, 12 July 2021 – The European Commission is expected to put forward its Fit for 55 package of climate and energy policy measures on 14 July 2021. The Fit for 55 package is one of the most significant - and largest - groups of measures the EU has ever released in one go. It will completely revise the basis of EU climate and energy policy in attempt to bring it into line with the EU's political ambition.
The Fit for 55 package is one of the most significant - and largest - groups of measures the EU has ever released in one go.