{"id":2956,"date":"2023-12-19T15:25:52","date_gmt":"2023-12-19T08:25:52","guid":{"rendered":"https:\/\/gunungcapital.com\/?p=2956"},"modified":"2023-12-19T15:28:49","modified_gmt":"2023-12-19T08:28:49","slug":"net-zero-steel-in-construction-industry","status":"publish","type":"post","link":"https:\/\/gunungcapital.com\/zh\/net-zero-steel-in-construction-industry\/","title":{"rendered":"The Future of Net-Zero Steel in Construction Industry"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2956\" class=\"elementor elementor-2956\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4afd44b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4afd44b\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-17a2d61\" data-id=\"17a2d61\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e12cc8 elementor-widget elementor-widget-text-editor\" data-id=\"2e12cc8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 14-09-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">To facilitate the shift to a more sustainable tomorrow and fulfil the need for sustainable methods, the construction industry must grab the opportunity for steel decarbonization, implement new perspectives, and develop guidelines.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The construction industry\u2019s steel consumption is insatiable, making up more than half of the world\u2019s total steel demand, which explains why this sector has a significant impact on the environment. The steel manufacturing process requires excessive energy, making it a carbon-intensive industry. The manufacturing process accounts for around 25% of the total emissions generated during the construction of building infrastructures. The construction industry needs to switch to low-carbon dioxide (CO2) steel from high-CO2 steel to comply with the Paris Agreement on the mitigation of climate change. Energy-efficient furnace technologies, such as natural gas-fueled sponge iron or hot briquettes, which generate less carbon emissions than coke-powered furnaces, make steel decarbonization a conceivable option in addressing sustainability initiatives. Remodelling blast furnaces for the collection, storage and utilisation of carbon is another approach to producing steel with decreased CO2 emissions. Similarly, the expansion of hydrogen-reduced furnaces fuelled by green power will enable manufacturers to obtain steel with an emission intensity of below 0.2<\/span> <span style=\"font-weight: 400;\">tCO2\/metric ton of steel.<\/span><\/p><p><span style=\"font-weight: 400;\">That said, the construction industry faces substantial challenges, including the following:<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-87819a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"87819a3\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-895fa17\" data-id=\"895fa17\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ca94054 elementor-widget elementor-widget-image\" data-id=\"ca94054\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 14-09-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"301\" src=\"https:\/\/gunungcapital.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-19-145515.png\" class=\"attachment-large size-large wp-image-2958\" alt=\"\" srcset=\"https:\/\/gunungcapital.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-19-145515.png 1016w, https:\/\/gunungcapital.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-19-145515-300x113.png 300w, https:\/\/gunungcapital.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-19-145515-768x289.png 768w, https:\/\/gunungcapital.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-19-145515-18x7.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e0527c7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0527c7\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-44fef60\" data-id=\"44fef60\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-278bce3 elementor-widget elementor-widget-text-editor\" data-id=\"278bce3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Given these factors, it is crucial that both private and public players contribute towards ensuring the switch to no-carbon steel and the decarbonization of the construction industry. To support the industry in these areas, a leading <\/span><a href=\"https:\/\/www.bing.com\/ck\/a?!&amp;&amp;p=06bcb3e59ffb4f96JmltdHM9MTY5Njg5NjAwMCZpZ3VpZD0yZDdiNjkwNi0xMzNiLTZlZTEtMTBjYy03YTJkMTI1YjZmYTkmaW5zaWQ9NTI0Ng&amp;ptn=3&amp;hsh=3&amp;fclid=2d7b6906-133b-6ee1-10cc-7a2d125b6fa9&amp;psq=mckinsey+%26+company&amp;u=a1aHR0cHM6Ly93d3cubWNraW5zZXkuY29tLw&amp;ntb=1\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">global management consulting<\/span><\/a><span style=\"font-weight: 400;\"> organization has postulated five vital approaches through which the construction industry can take steps towards greater adoption of sustainable steel in the sector.<\/span><\/p><p><b>Improve transparency and established terminology for sustainable steel:<\/b><\/p><p><span style=\"font-weight: 400;\">The absence of consensus on what constitutes \u201csustainable steel\u201d has been a key deterrent to the initiative, with business corporations, steel manufacturers and consumers frequently using different terminologies for sustainable steel. In view of this, the industry is advised to:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strive for industrial agreement on a consistent definition along the scale of the sustainability continuum,<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Design a method for measuring greenhouse gas (GHG) emissions for industry players, and<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Develop standardized GHG emission intensity labelling or rating of steel to aid in decision-making.<\/span><\/li><\/ul><p>\u00a0<\/p><p><b>Address the lack of transparency in Scope 3 emissions:<\/b><\/p><p><span style=\"font-weight: 400;\">This gap in the industry\u2019s value chain may hinder required investments in sustainable steel. To mitigate this, the industry participants are required to:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create a standard tracking system for emissions associated with building manufacturing and use,<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Integrate associated emissions accreditations and standards of excellence for sector corporations,<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Set Scope 3 emission goals at the investment, initiative, and resource levels of the supply chain, and<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Convert goals into management strategies.<\/span><\/li><\/ul><p>\u00a0<\/p><p><b>Increase the appetite for sustainable steel:<\/b><\/p><p><span style=\"font-weight: 400;\">Green steel will not be able to contend with proven technologies if based only on cost comparison. Industry stakeholders are required to also consider the options below:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create a customer association for green steel, to connect all the stakeholders in the construction value chain,<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increase financial assistance for green steel manufacturing facilities by gathering interested financiers or turning infrastructure developers into equity holders,<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Encourage construction organizations to include sustainable steel in purchase agreements when procuring steel from a direct steel manufacturer, and<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Focus on increasing the steelmakers\u2019 emphasis on facilities that use innovative technologies and scaling future purchasers of sustainable steel and\u00a0capital investors interested in green steel funding.<\/span><\/li><\/ul><p>\u00a0<\/p><p><b>Increase capital investments into green steel:<\/b><\/p><p><span style=\"font-weight: 400;\">Financial institutions are required to consider embedded emissions in their financing options. This can be made possible through the following efforts:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Measure and disclose lending and financing\u00a0operations related to green steel manufacturing-associated emissions,<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitor and disclose the associated emission\u2019s evolution risk such as taxes and carbon regulations, and<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Align financial resources towards no-carbon steel by developing sustainable investments such as green bonds and loan instruments like green credits.<\/span><\/li><\/ul><p>\u00a0<\/p><p><b>Promote consciousness of the embodied emissions:<\/b><\/p><ul><li><span style=\"font-weight: 400;\">Many players in the industry\u2019s supply chain are unaware of the emissions inherent to building construction and the use of certain resources, and the short-term solutions for minimizing embodied carbon. Industry stakeholders would have to promote awareness of GHG emissions within the sector and in steel production along with know-how on possible decarbonization strategies. Panel discussions, workshops, and seminars can be useful to make knowledge sharing possible.<\/span><\/li><\/ul><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The global building sector is at a turning point. Businesses and other stakeholders are under pressure to quicken the industry\u2019s transition to a more sustainable state due to the growing demand for innovative ideas and the appearance of workable, albeit expensive, options. The industry is expected to see a notable decrease in its overall emissions by 2030 (vs 2020) and a total elimination of carbon by mid-century on the back of the implementation of environmentally friendly technologies. Coordination among all the stakeholders involved in the industry\u2019s value chain is critical for the industry\u2019s sustainable growth. Therefore, it is important that the sector grasp all the opportunities, embrace an innovative outlook and ready itself for a structural shift towards a more sustainable future.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>To facilitate the shift to a more sustainable tomorrow and fulfil the need for sustainable methods, the construction industry must grab the opportunity for steel decarbonization, implement new perspectives, and develop guidelines.\u00a0 The construction industry\u2019s steel consumption is insatiable, making up more than half of the world\u2019s total steel demand, which explains why this sector [&hellip;]<\/p>","protected":false},"author":1,"featured_media":2965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"_links":{"self":[{"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/posts\/2956"}],"collection":[{"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/comments?post=2956"}],"version-history":[{"count":20,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/posts\/2956\/revisions"}],"predecessor-version":[{"id":2978,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/posts\/2956\/revisions\/2978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/media\/2965"}],"wp:attachment":[{"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/media?parent=2956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/categories?post=2956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gunungcapital.com\/zh\/wp-json\/wp\/v2\/tags?post=2956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}