Steelmaker ArcelorMittal announced on March 17 the creation of its first three XCarb initiatives as a part of its strategy to slash pollution by 2050. These initiatives comprise the company’s low and zero-carbon steel making activities.
The company said that the three new products and services include XCarb green steel certificates offering customers Scope 3 emissions reductions; XCarb recycled and renewably produced pioneering customer product with CO2 as low as 300kg/tonne; and XCarb innovation fund for breakthrough technologies for net zero steelmaking.
Cost for 2050 net zero commitment
The world’s largest steel producer had previously estimated the cost to be Eur15 billion-25 billion ($18 billion-30 billion) for its Smart Carbon production route using carbon capture and storage for carbon-neutralizing its own footprint by 2050. The cost increases to Eur30 billion-40 billion using hydrogen in direct reduced iron-electric arc furnaces.
ArcelorMittal’s first XCarb initiatives
ArcelorMittal reported the details on the first XCarb initiatives to be launched as part of the company’s journey to deliver on its 2050 net zero commitment.
XCarb green steel certificates
The company said that it will offer customers XCarb green steel certificates to help reduce their carbon footprint. Buyers will be able to acquire certificates attached to their physical orders so they can report reductions in Scope 3 emissions.
XCarb recycled and renewably produced
ArcelorMittal said that the XCarb recycled and renewably produced products would cover both long and flat steel. These products will use “scrap” as a raw material that is recycled material and produced using renewable electricity, and will have a carbon footprint of approximately 300kg of CO2 per tonne of finished steel.
XCarb innovation fund
ArcelorMittal launched an innovation fund – XCarb innovation fund through which the company plans to invest up to $100 million annually in companies developing pioneering or breakthrough technologies that will accelerate the steel industry’s transition to carbon neutral production.
ArcelorMittal CEO Aditya Mittal said: “The creation of the brand aims to demonstrate to stakeholders the diverse range of initiatives we are undertaking in pursuit of our 2050 net zero goal while also providing our customers with solutions which help them address their own carbon reduction targets, demonstrating the important role steel has to play in a future, circular economy.”