Carbon Capture and Storage (CCS): 60–70% CO2 reduction
For CCS, CO2 is compressed, transported, and stored in appropriately selected and managed underground geological reservoirs. The Intergovernmental Panel on Climate Change (IPCC) calculates that, done properly, the reservoirs are “very likely” to retain 99% of the CO2 for longer than 1,000 years.
That said, there currently are no large-scale commercial CCS facilities in the steel industry. According to the International Energy Agency (IEA), carbon capture is unlikely to be significant by 2030: it estimates that 1% of the annual CO2 emissions from the steel industry will be captured (16 MtCO2/year).
Some emissions experts state that CCS reservoirs should be prioritized for industries other than steel – such as plastics or cement – that face large costs and obstacles in developing fossil-free technologies. In these sectors, the carbon dioxide could be reduced by up to 60–70%.