China Baowu Steel Group, the world's largest steel producer, has formed an alliance with global industrial partners in a joint effort to develop low-carbon steel production and reduce emissions in the steel sector, according to a report from Baowu, which coincided with the alliance's announcement at the Shanghai opening ceremony.
As the steel industry has become the main source of carbon dioxide emissions and energy consumption in China in recent years, the industry's low-carbon transition is essential to meet China's carbon reduction goals. It is generally believed that eliminating fossil fuel subsidies is an effective way to reduce energy-related CO2 emissions, as it can raise energy prices and reduce energy consumption.
Known as the Global Low Carbon Metallurgy Innovation Alliance (GLCMI Alliance), it has 62 members, including industry, universities and research institutes from 15 countries, according to the post. Among them are the world's leading steel producers, including ArcelorMittal and ThyssenKrupp, about 20 Chinese steel companies, the world's largest mining companies such as BHP and others.