The Ministry of Economy, Trade and Industry (METI) has created a schedule to support the steel industry in achieving net zero carbon emissions by 2050. The steel industry is the largest CO2 emitter in the manufacturing sector in Japan. According to the schedule, the industry will initially reduce emissions by conserving energy and enhancing production efficiency. Starting in 2030, hydrogen will partially replace coal as fuel, and this method will be expanded industry-wide until the 2040s, when technology will be introduced that only utilizes hydrogen in steel making.
Steel manufacturers can use the work schedule when drawing up their own decarbonization strategies. Banks can also refer to the schedule when judging the validity of a firm’s decarbonization strategy or extending a loan to finance energy-saving equipment.
METI will also draw up schedules for the following six industries: chemicals, electricity, oil, gas, paper/pulp, and cement. (Abridged)