Understanding the demand for Green Steel, page-374

Green steel presents opportunities for decarbonising across full ship lifecycle as industry looks to 2050 | Hellenic Shipping News Worldwide



Current decarbonisation efforts in shipping focus on and address emissions at the operational phase of a ship’s lifecycle. However, for shipping to decarbonise in a way that futureproofs the industry to 2050 and beyond, we need greater recognition of the emissions and sustainability aspects of the materials that make up a ship, as well as their lifespans, repairability, and re-use. The report focuses on steel as the primary material of a vessel and uses the following definition of green steel: “steel that is certified as meeting the highest levels of environmental, social and governance performance (ESG), rather than only addressing the release of greenhouse gases”.

Andreea Miu, Head of Decarbonisation, Sustainable Shipping Initiative: “The shipping and steel sectors are interconnected and there are untapped opportunities for the two to work together to decarbonise sustainably. As a demand sector for green steel, shipping can support the steel sector’s decarbonisation journey while simultaneously addressing a source of its own scope 3 emissions. At the same time, the steel industry stands to benefit both from sustainable, zero emission maritime transport and from scrap steel sourced from end-of-life vessels. We hope that this report can build awareness and interest in the potential for green steel in shipping, in circularity, and the role shipping can play in enabling a sustainable, future-proof global system.”

Using green steel for shipbuilding is possible, and demand for this is starting to grow. SteelZero signatories, which include shipownerA.P. Moller-Maersk and CIMC TCREA (the steel buying division of container manufacturer CIMC) commit to using 50% lower embodied emissions steel by 2030."

Wow if the shipping industry has to move to green steel, its going to be bonkers.