Decarbonizing steel could need $1.4 trillion by 2040 - India Renewable Energy Consulting – Solar, Biomass, Wind, Cleantech
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Net Zero by Narsi is a series of brief posts by Narasimhan Santhanam (Narsi), on decarbonization and climate solutions.
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$1.5 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧

Just imagine that number for a moment – about $1.5 trillion will be spent globally in decarbonizing the iron & steel sector over the next about 25 years.

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That’s about $50-60 billion each year, year on year, for 25 years.

Sounds like a lot for just one industry, even for a global estimate. But those in the decarbonization sector will not be surprised, because this is the industry with the largest CO2 emissions amongst all – almost 10% of global total CO2 emissions!

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Such a large investment means significant business opportunities too! Green steel transition will result in highly specialized opportunities along the business value chain, though the high-impact ones among them will be clustered around the processing of iron ore to steel – be prepared to hear terms such as DRI, Blast Furnace, Electric Arc Furnace quite often…There could be opportunities for greening in the rest of the value chain too (mining, transport, especially), but in our estimate, the impact from these on the sector decarbonization will be rather small.

For the green steel process, big innovations will require “deep tech” orientation – whether it is from a startup or a large corporate. See some examples in the startups Electra, Boston Metal…or the Hybrit collaborative effort of biggies such as Vattenfall, SSAB, LKAB

For those of you engineering geeks keen on investing your brains & expertise on a decarbonization sector that matters, green steel could be a sector well worth reading up…though, I must warn you, this is a really hard to abate sector.

Hat tip to Canary Media Inc. & Maria Gallucci for the data.

Canary media logo in type with yellow circle period.

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About Narasimhan Santhanam (Narsi)

Narsi, a Director at EAI, Co-founded one of India's first climate tech consulting firm in 2008.

Since then, he has assisted over 250 Indian and International firms, across many climate tech domain Solar, Bio-energy, Green hydrogen, E-Mobility, Green Chemicals.

Narsi works closely with senior and top management corporates and helps then devise strategy and go-to-market plans to benefit from the fast growing Indian Climate tech market.


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