This week's Radar Snapshot:
- As efficiency regulations tighten, green steel is one decarbonization tool that doesn't rely on offsets. The US Inflation Reduction Act will hopefully spur domestic innovation.
- Alternative concrete companies are getting an increasing amount of national attention. We explore a few of the companies making waves.
- WeWork filed for bankruptcy... But does this really mean the end for the most recognized co-working provider?
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By: Logan Nagel
Green concrete has dominated ConTech headlines for much of the past couple years with big funding rounds for Brimstone Energy and CarbonCure, amongst others. Green steel might be the next big material advance, with an expected 50 low-carbon steel projects in Europe coming to fruition this decade. Europe produces most of its steel with coal-fired blast furnaces, while the United States has typically used greener electric furnaces. However, that electricity still typically comes from fossil fuel sources. Europe’s green steel innovators, like H2 Green Steel, use renewable sources like hydropower and wind energy as opposed to coal or fossil fuel-derived electricity.
While concrete is typically associated with building and infrastructure projects, steel is applicable to a wide range of projects including construction as well as auto manufacturing. It will cost more to produce, but the US Inflation Reduction Act means extra tax incentives are available for green energy projects that use domestic steel. The ❇️ Act’s other incentives ❇️ will spur additional infrastructure and development projects, which will increase total demand for steel as well. As regulations tighten and property owners jockey to get greener and greener in response to stakeholder demands, green steel is one path for increasing project decarbonization without relying on offsets.