Leading Chinese and global metallurgical group Baowu announced the establishment of a global alliance to promote innovations in the low-carbon metallurgy (Global Low-Carbon Metallurgical Innovation Alliance) for joint control of greenhouse gas emissions and climate change.
The alliance unites 62 companies from 15 countries. These include ArcelorMittal, Tata Steel, Thyssenkrupp, Angang, HBIS Group, and Shagang, as well as leading suppliers of iron ore raw materials – BHP, Rio Tinto, Vale, and Fortescue Metals Group.
As part of the global alliance, Baowu is creating a special fund to support R&D in the low-carbon iron and steel industry. It will fund up to 35 million yuan ($5.5 million) per year.
According to Baowu, it is difficult for any metallurgical corporation, even the largest one, to set up the transition to low-carbon technologies alone. Baowu itself announced that it would reach maximum carbon dioxide emissions by 2023 and complete decarbonization by 2050.