Allianz Group
Decarbonization Strategies for Europe's Industrial Sector
Pages
37
Time to read
67 mins
Publication
Language
English
Pages
37
Time to read
67 mins
Publication
Language
English
This technical report outlines strategies for decarbonizing four hard-to-abate industries in Europe: aluminum, ammonia, steel, and cement. These sectors are significant contributors to energy consumption and greenhouse gas emissions, collectively responsible for 7.7% of energy use and 9.7% of emissions in the EU. The report emphasizes the importance of transitioning to renewable energy sources and implementing innovative technologies to achieve decarbonization while maintaining global competitiveness. It details specific strategies for each industry, such as using green electricity in aluminum production, adopting green hydrogen for ammonia, promoting circularity in steel, and reducing clinker emissions in cement. The report also highlights the financing gaps faced by these industries, indicating that substantial investments are necessary to meet decarbonization targets. It stresses the need for public-private collaboration and government support to facilitate the transition towards a sustainable industrial sector in line with the EU's climate objectives.