bp, thyssenkrupp Steel ink low carbon steel deal
Energy giant bp has signed an agreement with thyssenkrupp Steel (thyssenkrupp) to accelerate the steel industry’s transition to low emission energy by focusing on the development long-term supply of low carbon hydrogen and renewable power.
Announced today (11th July), the deal will contribute to the decarbonisation of an industry responsible for 8-11% of global carbon dioxide (CO2) emissions and 2.5% of Germany’s CO2 emissions.
By using direct reduction plants instead of coal-fired blast furnaces to reduce iron ore with low-carbon blue and green hydrogen, thyssenkrupp aims to make steel production climate-neutral by 2045.
The project is part of bp’s plan to invest in and work to develop a portfolio of industrial-scale hydrogen projects in Germany, the Netherlands, Spain, the UK, and Australia.
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