Nippon Steel Corporation plans to set a goal of "virtually zero CO2 emissions" by 2050.

Japan Steel Corporation, one of the largest steel companies in the world, has decided for the first time to set a goal of reducing carbon dioxide emissions to practically zero by 2050 by using electric furnaces to produce high-quality steel instead of coal and by accelerating research into completely new steelmaking technologies that utilize hydrogen. The company will seek long-term support from the government to achieve the goal, which is expected to require a massive investment of around 5 trillion yen.

In order to realize a decarbonized world, the Japanese government has set a goal of reducing greenhouse gas emissions to practically zero by 2050, but the steel industry has been attracting attention for a large amount of carbon dioxide it emits in the process of making steel in blast furnaces using coal, which accounts for about 15% of the total emissions in Japan.

According to a source, Nippon Steel Corporation has decided to set a goal of virtually zero emissions by 2050 for the first time. Specifically, the company will research and develop technology to produce high-quality iron using electric furnaces instead of coal, and completely new technology to produce iron using hydrogen, and put them to practical use. In addition, it will promote the use of technology for capturing carbon dioxide and storing it in the ground, which is being developed in Japan and overseas. The company plans to seek long-term support from the government to achieve the goal, which is expected to require a massive investment of around 5 trillion yen. Nippon Steel plans to include these goals in its management plan to be released today, and it is believed that the company is aiming to compete with overseas steelmakers in China, Europe, and other countries that are focusing on the environmental field.

Source: https://www3.nhk.or.jp/news/html/20210305/k10012898241000.html?utm_int=news-business_contents_list-items_005