Digital Transformation Slows Down the Global Economy
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.
Green Steel Making Process:Traditional And Decarbonization Process
Latest News
Digital Transformation Slows Down the Global Economy
Globally, the nations are facing downward momentum in their economic activities. The financial condition of advanced economies is declining rapidly in 2024. Surveys suggest that advanced economies are facing economic challenges due to various…
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
The growing clean energy transition process is forcing companies to make significant decisions regarding the storage of clean energy. Germany's energy market surges in power with necessary steps towards uplifting clean energy. The increasing…
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Fast moving consumer goods (FMCG) are the important goods that consumers use in their daily activities. These products are otherwise known as consumer-packaged goods, thus, they include a range of products, such as food and beverages, healthcare…
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels…
Global Economy Attains Stability, may Affect Consumers Behavior
The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic…
Shubhendra Anand
Head Research
Latest News
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
Global Economy Attains Stability, may Affect Consumers Behavior
