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According to a keynote speaker at the Singapore Green Steel Forum on Tuesday May 23, advancements in green steel require the collaboration of all stakeholders in all regions if they are to succeed
Keyu Jin, an associate professor of economics at the London School of Economics & Political Science mentions that advancements in green steel cannot be achieved in geographical isolation.
Simon Farry on consistent policies
Another keynote speaker – Simon Farry, the head of steel decarbonization at global mining giant Rio Tinto – also stressed the importance of implementing clear and consistent policies, especially, he said, given that decarbonizing the steel sector will require $3.5 trillion in low-carbon technologies and renewable energy infrastructure.
Farry focused on navigating a sustainable pathway to a green future for mining.
“Supportive policy frameworks, such as carbon pricing and incentives are critical to unlocking the required investment and we’re starting to see this happen,” Farry said. “We have seen the impact of carbon policy in Europe and we are starting to see considerable investment and momentum.”
He said that close to 50 low-carbon steel projects had already been announced, with investment capital of about $50 billion.
Farry said one route Rio Tinto was exploring was the “Biolron” process, in which raw biomass - such as wheat straw, canola stalks and sugar cane, is used as a reductant in the steelmaking process rather than metallurgical coal. fastmarkets
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