Time to be brave: Investors ponder massive fossil free investments in steel and hydrogen | RenewEconomy
We have to be brave.
”It’s Day 6 at the UN-hosted COP27 climate conference in Egypt – halfway through the conference, and the official theme of the day is decarbonisation.The same sentiments were repeated over in the Swedish pavilion where the head of corporate sustainability for Vattenfall (a Swedish multinational power company), Annika Ramsköld, told a forum on ‘fossil-free steel’ that “there’ll be those who say you can’t do it – the premium is too high.“But I say, if you don’t do it, you’ll be obsolete in a few years time,
She was referring to the spirit that drove Vattenfall to partner with Swedish steelmaker,SSAB, on the world’s first pilot green steel plant (replacing coking coal with renewable hydrogen in the iron ore reduction process).Buyers like Volvo want more of it, and SSAB is now set to build the world’s first commercial-scale green hydrogen steel plant by 2026.By 2030, the company intends to close down its traditional blast furnaces altogether, and Swedish emissions will fall 10 per cent as a result”.
GO MGT!
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