Aligning the steel industry’s transition with the 1.5-degree pathway of the Paris Agreement now seems to be an almost lost cause. Limiting global temperature rise to below 1.5 degrees centigrade will call for limiting GHG emissions to between 130-235 gigatonnes of C02 (GtC02), which is also called the remaining carbon budget. According to the IEA, energy related annual GHG emissions globally are close to 40 GtC02. Total emissions are around 52-55 GtCO2 annually. Therefore, it is easy to calculate how quickly the remaining carbon budget is set to be exhausted.
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