ArcelorMittal to Invest $10Bln to Reduce Carbon Intensity by 25% by 2030
July 29 2021 - 2:59AM
Dow Jones News
By Maitane Sardon
ArcelorMittal said Thursday that it plans to invest $10 billion
as part of a new carbon-intensity target it set for its global
operations.
The steel-and-mining company said it aims to reduce its carbon
intensity--a measure of the emissions companies add to the
atmosphere for every dollar of sales--by 25% by 2030 across its
operations.
It said the reduction would require $10 billion in low-carbon
investments. It expects to invest $3.5 billion by 2025 and the
remainder in the second part of the decade.
The company said it will transform a steel plant in Spain's
Sestao into a zero-carbon-emissions steel plant by using feedstock
in the plant's electric arc furnaces, switching to renewable energy
and introducing new technologies that replace the use of fossil
fuels in the steel-making process.
The company also increased its carbon emissions-reduction target
for Europe, where it said it aims to cut its carbon intensity by
35% by 2030, from a previous target of 30%.
ArcelorMittal said it plans to link the decarbonization targets
to the remuneration of its executives.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
July 29, 2021 02:45 ET (06:45 GMT)
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