The auto industry can become a
lead market for low-carbon steel production in Europe if lawmakers set content
requirements.
3.5mfossil fuel cars. Switching to 40%
green steel in 2030 could save CO2 emissions equivalent to the annual pollution
of 3.5m cars
Switching to
40% green steel would add just €57 to the sticker price of an electric vehicle
in 2030, according to the analysis by Transport & Environment (T&E)
based on a new study by consultancy Ricardo.[2] Switching to 100% green steel
by 2040 will cost only €8 – compared to using conventional steel – due to CO2
pricing as well as the falling costs of green steel production. But securing
the billions of euro in investment needed for low-carbon steel production will
be highly dependent on having a reliable offtake market for producers.