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bne July 2021 Cover story I 33
Thyssenkrupp recently said it aimed to produce 3mn tonnes of green steel by 2030 to curb CO2 emissions by 30% and aimed to invest €2bn in green steel.
However, this could only be done if it received free CO2 certificates from the EU’s Emissions Trading Scheme (ETS).
start now," said Thyssenkrupp chairman Bernhard Osburg.
Cement
EU cement producers are keen that the CBAM makes their non-EU competitors face similar carbon costs.
non-EU cement suppliers so that carbon leakage protection is not weakened.
It also wants current allocations of free EU ETS credits to stay in place until 2030.
Conclusion
Put simply, the EU is looking to put
a carbon price on imports into the bloc.
While Brussels says it is pursuing environmental aims, it is being careful to make it WTO compatible, which means avoiding any trade war with the likes of Russia and Turkey.
Russia has already complained that the launch of the CBAM in July effectively amounts to a trade war.
The CBAM is vulnerable to being tested at the WTO, as exporters to the EU have dubbed it an unfair tariff, rather than any kind of pricing mechanism trying to reduce CO2 emissions.
“With every tonne of hydrogen that is used in steel production, we avoid 26 tonnes of CO2. But our investment cycles are long.
2030 basically means for us tomorrow”
"With every tonne of hydrogen that
is used in steel production, we avoid 26 tonnes of CO2. But our investment cycles are long. 2030 basically means for us tomorrow, that's why we need to
Trade body CEMBUREAU said that the scheme, which is labelled “complex and untested,” must ensure a fully comparable CO2 cost basis, covering both direct
and indirect emissions, between EU and
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