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ArcelorMittal, one of the world's leading steel and mining companies, has set target for net zero by 2050. The company aims to achieve a 25% reduction in its CO2 emissions by 2030. To achieve these targets, ArcelorMittal is pursuing a multifaceted approach, encompassing steelmaking transformation, energy transformation, increased scrap utilization, sourcing clean electricity, and offsetting residual emissions and has specific targets for scope 1 and scope 2 emissions.
To achieve its net-zero targets, ArcelorMittal has implemented various measures. One of the key initiatives is the construction of a 2.5Mt direct reduced iron (DRI) plant and two electric arc furnaces (EAF) at its Gent site in Belgium. This project is expected to reduce CO2 emissions by 3.9 million tonnes per year by 2030. The company also plans to transition from blast furnaces to DRI and EAF, resulting in a yearly reduction of 3 million tonnes of CO2 emissions.
ArcelorMittal has made significant investments in decarbonization technologies. It has signed a letter of intent with the Governments of Belgium and Flanders for a €1.1 billion project to reduce CO2 emissions by approximately 3.9 million tonnes per year by 2030. The company has also invested CAD$205 million in its Port-Cartier pellet plant in Canada to convert its entire annual pellet production to direct reduced iron (DRI) pellets by 2025, resulting in 200,000 tonnes of CO2eq savings.
Furthermore, ArcelorMittal is exploring the use of renewable energy sources, such as green hydrogen, to power its steelmaking operations. It has signed a memorandum of understanding with the Spanish Government for a €1 billion investment in decarbonization technologies, including a low carbon hydrogen DRI plant and hybrid EAF.
In conclusion, ArcelorMittal is committed to reducing its greenhouse gas emissions and has set ambitious net-zero targets. The company is implementing various measures, including the construction of new plants, transitioning to cleaner technologies, and investing in renewable energy sources. These efforts will contribute to the company's goal of achieving a 25% reduction in CO2 emissions by 2030 and aligning with global climate targets.