Japanese steel giant JFE Holdings Inc announced that it has decided to reduce its steel unit’s carbon (CO2) emission levels by over 20pc as compared to FY2013 levels to tackle climate change by March 2031, according to media reports.
The company said that as the trend toward low carbonization is intensifying worldwide, it aims to achieve its goals by establishing steelmaking technologies that have a low environmental impact.
The company is working on various plans to increase scrap usage and Ferro-coke which can reduce carbon emissions.
The company’s engineering unit will also provide renewable energy power generation equipment, while its trading unit will strengthen its environmental responsiveness by expanding sales of steel products for electric vehicles (EVs).
JFE Steel’s CO2 emissions in FY2001 were 58.1mn mt and reduced to 46.48mn mt or less in FY2018. The company also aims to go carbon neutral after 2050.
It has partnered with other members of the Japan Iron and Steel Federation (JISF) in this regard. JISF intends to decrease 4.6pc, i.e., 9mn mt of CO2 emissions by 2030 from steelmakers as compared to 194.4mn mt in 2013. This includes various measures like keeping the remaining annual crude steel output around 120mn mt.
The steelmaking industry is one of the largest sources of CO2 emissions. Earlier, Nippon Steel Corp also set up a panel to take appropriate steps to reduce CO2 emissions.