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South Korea's steel industry is not ready for a carbon-neutral future

Steel producers and users in South Korea are lagging behind in transitioning to 'green steel,' which is necessary to achieve net-zero emissions.

South Korea's steel industry is not ready for a carbon-neutral future

While transitioning to 'green steel' in steel production is an urgent task to achieve carbon neutrality in South Korea, domestic companies' reluctance on this matter is concerning. According to a study by the Korea Social Responsible Investment Forum, most companies involved in steel production and usage are not ready to make the necessary investments for transitioning to green steel.

Only 1% of the companies surveyed have set targets for purchasing green steel. High production costs and inadequate renewable energy supply are seen as the major obstacles to transitioning to green steel.

The majority of producers anticipate significantly higher production costs for green steel compared to traditional steel. Additionally, factors such as the required technology and the supply of renewable energy for green steel production are hindering companies' interest in green steel.

The Korea Social Responsible Investment Forum emphasizes the importance of the government's active intervention and policy support to increase demand for green steel. It is suggested to expand public procurement and provide financial support to green steel production facilities.

However, criticisms exist regarding South Korea's insufficient investment in reducing greenhouse gas emissions globally. The low investment rate in high-potential technologies, such as steel technology directly reducing hydrogen, is highlighted.

According to an assessment by E3G, South Korea's investment in technologies with high potential to reduce greenhouse gas emissions remains inadequate.

It is clear that more effort is needed for South Korea to transition to the green steel industry. However, companies' indifference continues due to the costs and technological challenges associated with this transition.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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