Thyssenkrupp announced today that it plans to drastically cut its carbon dioxide (CO2) emissions over the next decade, and will look into more efficient ways to produce its main product – steel. Thyssenkrupp produces approximately 20 million tonnes of carbon dioxide emissions annually.
“We want to cut our emissions by 30% by 2030 across the entire business,” Chief Technology Officer Reinhold Achatz told Reuters. “By 2050 we want to be carbon neutral.”
The company freeing its steelmaking operations from CO2 emissions is in a response to the stricter environmental rules and higher costs for emission rights recently adopted internationally. The advancements are estimated to cost 10 billion euros ($11.4 billion).
Achatz told Reuters the company plans to reduce CO2 emissions generated by its products by 16% by 2030, adding that improving environmental performance was a promising business opportunity.
“We see huge business potential for our various technologies for reducing emissions. This market is worth billions,” Achatz told Reuters.
FILE PHOTO: A logo of Thyssenkrupp AG is pictured at the company’s headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen/File Photo