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“The final text needs to ensure that higher climate ambition is achieved cost-effectively and with strengthened protection against leakage of CO2 emissions, investment and jobs to countries outside the EU. For this, we need a cautious transition from existing carbon leakage measures to a carbon border adjustment with a structural solution for exports, benchmark rules reflecting the gradual transition to new technologies, and the recognition of upstream emissions from ferroalloys in stainless steel imports. For our more than 60 green steel projects to be deployed, we need to take investment decisions now. We still do not have, nor will have access to enough and affordable renewables and green hydrogen available any time soon, as no adequate infrastructure exists yet in the EU. In this very volatile economic, energetic and geopolitical situation, the steel industry needs to rely on an enabling regulatory framework to accelerate the green transition,” Axel Eggert, director general of EUROFER, commented.

EUROFER also pointed out that the 60 low carbon projects of the steel industry have a CO2 emissions potential abatement of 81.5 million mt per year by 2030, equal to around a two percent cut of the overall EU emissions. For the steel sector, this represents a 55 percent cut compared to 1990 levels, in line with the EU Fit for 55 target. They require a capital investment of €31 billion and at least €54 billion in operational expenditure