Green Steel Production will be an important Phenomenon in 2024

By Shubhendra Anand , 09 March, 2024

The renewable energy sector's clean energy approach will significantly change throughout 2024. The transition to green energy will require much effort to transform the industrial sectors to provide environmentally friendly changes to the world. Major economies worldwide depend heavily on the renewable energy sector to accelerate the transition to clean energy in 2024. Decarbonization is an essential phenomenon in the process of transitioning to clean energy.

According to the experts, decarbonization will likely be an essential factor in the steel industry throughout 2024. In the decarbonization process, the requirement of clean hydrogen and renewable energy in an adequate manner is necessary. However, the continuous supply of clean hydrogen renewable energy at market prices is a crucial point to be considered. Carrying out the decarbonization process for the clean energy transformation requires the supply of green hydrogen at the lowest possible prices than current market prices in 2024.

There are challenges against decarbonization in the steel industry, such as a lack of supply of green electricity and financial support to carry out the processes. According to survey predictions, the share of green energy from the total supply of the steel industry will increase by 31 percent by the end of 2030. Electricity production should be without using fossil fuels to set the decarbonization phenomenon in Europe. The summit of April 2024 in the European continent regarding the transition in the steel industry will discuss various factors. The step towards the green steel industry will lead to environmentally friendly practices in the energy sector. Researchers suggest that Europe should lower the usage of fossil fuels when it comes to electricity production to support the transition to green energy.