ThyssenKrupp, Germany’s biggest steel manufacturer announced in a press release that the company had set itself a target of completely cutting out all of its greenhouse gas emissions by the year 2050. The ThyssenKrupp AG group aims to start cutting out emissions from outsourced energy sources and production operations by around 30 percent from as early as 2030.
The company statement said that the new climate strategy for the future is based on the Paris Climate Accords. According to the CEO Guido Kerkhoff, ThyssenKrupp is a business with operations running around the world, and the company is in an ideal position to minimize the emission of greenhouse gases, with the help of sustainable processes and products.
According to Reinhold Achatz, ThyssenKrupp’s chief technology officer, the company can see massive potential for business growth worth billions, with the various technologies available for minimizing emissions.
ThyssenKrupp Works on Carbon2Chem Project
Despite the availability of Energiewende, Germany’s planned transition guidelines towards the adoption of low-carbon, environment friendly, and affordable energy supply, German industries have been avoiding the shift for years. This trend has only changed recently, with businesses embracing energy transition activities with a new enthusiasm.
In 2017-18, ThyssenKrupp alone was accountable for approximately 3 percent of all German emissions. The new targets set by the company focus not only on its production processes, but also on the nature of its products and energy purchases. The company is also working on its Carbon2Chem project which aims to convert all emissions from its steel mills into functional and valuable chemicals.
ThyssenKrupp has already announced its intention to gradually phase out the coke intensive steel production process and eventually completely replace it with a hydrogen intensive process by 2050. This use of eco-friendly hydrogen is anticipated to make the steel production processes around the world completely carbon dioxide neutral.
These ThyssenKrupp projects are being financed by the federal German government, and the state government of North Rhine – Westphalia. On a similar note, competitor Salzgitter has also developed a process to replace fossil fuels with hydrogen. However, while this process is technically possible, it is not viable in economic terms.