ArcelorMittal, the world’s largest steelmaker, announced a new commitment to reducing carbon emissions on Wednesday. The company aims to cut its carbon dioxide (CO2) emissions by 30% across its entire global operations by 2030. This new commitment builds on the company’s previous pledge to reduce emissions by 20% by 2020, which it has already surpassed.
The company’s CEO, Lakshmi Mittal, said in a statement that “climate change is one of the most pressing global challenges of our time, and as a responsible company, ArcelorMittal is committed to playing our part in addressing it.” He added that the company recognizes “that reducing our carbon footprint is vital to achieving a sustainable future.”
In order to meet its new emissions reduction target, ArcelorMittal plans to implement a range of measures across its operations. These will include the use of electric arc furnaces, which are more energy-efficient than traditional blast furnaces, and the promotion of recycling by using more scrap steel in the production process. The company also plans to invest in new technologies like hydrogen injection and carbon capture and storage.
ArcelorMittal also announced that it will invest $100 million in a new fund designed to support new technologies and business models that can help address climate change. The fund, called XCarb, will focus on developing low-carbon technologies, such as carbon capture and storage, and on increasing the use of recycled steel.
The company’s announcement was welcomed by environmental groups, who praised it as a significant step towards addressing the urgent need to reduce carbon emissions in the steel industry. However, some critics noted that the company’s commitment did not go far enough. Greenpeace, for example, argued that ArcelorMittal should aim to achieve zero carbon emissions by 2050, in line with the goals of the Paris Agreement.
Overall, though, ArcelorMittal’s new commitment to reducing CO2 emissions is an important indication that even some of the most carbon-intensive industries are starting to take the threat of climate change seriously. As the world shifts towards a low-carbon future, companies like ArcelorMittal will play a crucial role in driving the transition to a more sustainable economy.