Global green steel projects are facing widespread delays, with half of planned initiatives stalled due to funding gaps and weak demand. Industry bodies warn that government support remains far below requirements, threatening decarbonisation goals. High costs, limited green hydrogen supply and lack of buyer willingness are slowing progress
Green steel projects across the world are facing increasing delays, with industry associations warning that inadequate government support and financing gaps are putting the sector’s decarbonisation goals at risk. The issue was highlighted during an annual steel industry meeting held in Singapore, Reuters reported.
According to the World Steel Association, around 50% of planned green steel projects globally have already been delayed. While the sector requires an estimated $1.5 trillion to transition toward low-carbon production, governments have committed only about $20 billion so far, leaving a massive funding shortfall.
Industry executives noted that progress in reducing emissions in steelmaking has been slow and is expected to remain constrained unless there is a significant rise in public investment or stronger willingness from customers to pay a premium for cleaner steel.
Green steel, which refers to steel produced with a significantly lower carbon footprint, is considered crucial because the steel industry accounts for approximately 7% to 9% of global greenhouse gas emissions.
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