The Japan Iron and Steel Federation and six other major steel makers announced they will jointly develop technologies for reducing about 30 percent of the current level of GHG emitted by the steel industry. The industry accounts for more than 40 percent of domestic industry’s total emissions, Jiji Press reports.
The team will try to develop technologies for separating and storing carbon dioxide contained in blast furnace gases and enable the use of hydrogen instead of carbon for iron ore reductions. The new technologies are expected to be operational by 2050.
The carbon dioxide separation technology will be developed by sharing information with European steel makers.
The first phase of the initiative through March 2013 will cost around $1 billion and will be financed by New Energy and Industrial Technology Development Organization.
More than 60 members of the Japan Iron and Steel Federation announced last year that they will buy 44 million tons of carbon emission credits from United Nations, up from a planned 28 million tons.
The steel industry has also endorsed a global approach as the best way for steel to help address climate change. The industry says it will collect and report the carbon dioxide emissions data of steel plants in all the major steel producing countries.