Steel decarbonisation to redefine supply chains by 2050

Wood Mackenzie report says new metallic hubs will emerge as steel industry accelerates carbon abatement efforts

LONDON and HOUSTON and SINGAPORE, Oct. 19, 2023 (GLOBE NEWSWIRE) — According to the latest Horizons report from Wood Mackenzie, the steel industry is set to undergo a significant transformation as decarbonisation efforts accelerate. Titled Metalmorphosis: how decarbonisation is transforming the iron and steel industry the report highlights the emergence of new metallic hubs and the reshaping of steel production and global trade patterns.

Wood Mackenzie’s latest report says electric-arc furnace (EAF) technology, increased use of green feedstock, and evolving carbon policies will play a crucial role in this transformation. Low-carbon intensive EAF production accounts for 28% of global steel output, projected to rise to 50% by 2050. An investment of US$130 billion will be required to achieve this goal.

The shift towards less carbon-intensive steel will drive the demand for greener feedstocks such as DRI (Direct Reduced Iron) and high-grade scrap. Wood Mackenzie predicts that the share of these feedstocks in total metals demand will increase from 36% to 54% by 2050, leading to new production, processing, and trading hubs for low-carbon iron and scrap.

DRI production and trade rise will create investment and revenue generation opportunities across the value chain. Wood Mackenzie forecasts a doubling DRI capacity within 30 years, requiring an estimated US$80 billion investment. This projection does not include potential investments in green hydrogen, smelters for low-grade DRI, pellet hubs, and shipping.

Wood Mackenzie indicates that the location of new green Direct Reduced Iron (DRI) centres will be determined based on their proximity to low-carbon hydrogen production. This is particularly important given the uncertainties surrounding the transportation and storage of traded hydrogen. The Middle East and Australia are well-positioned to take advantage of this opportunity, and the number of projects in these regions is increasing.

Quality will take precedence over quantity as the cost of lower-carbon steel rises. In markets with high carbon prices, importing green DRI to manufacture low-carbon steel using EAFs will become more favourable than importing finished steel from emissions-intensive producers like China and India.

Decarbonising the iron and steel industry, which currently accounts for approximately 8% of global carbon emissions, is a challenging but achievable goal. With the right levels of investment and policy support, this transformation has the potential to redefine trade patterns and the value chain.

Editor’s notes:
Read more information here. To request the report and arrange an interview with the authors, please contact Wood Mackenzie’s media relations team.

About Wood Mackenzie
Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources.

Contacts:
Hla Myat Mon
PR Manager – APAC
[email protected]

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MENACW 2023 Highlights Future Minerals Forum’s Crucial Role in Shaping Sustainable Mineral Value Chains for the Clean Energy Transition

Future Minerals Forum at MENA Climate Week

The Future Minerals Forum panel discussion at the MENA Climate Week

RIYADH, Saudi Arabia, Oct. 17, 2023 (GLOBE NEWSWIRE) — The Middle East and North Africa Climate Week (MENACW) 2023, hosted in Riyadh, underscored the pivotal role of the Future Minerals Forum (FMF) in shaping the future of minerals.

The panel moderated by Aldo Pennini, Director of Strategy, Program, and Content for FMF, featured distinguished panelists, including Abdulrahman Al Belushi, Assistant Deputy Minister for Mining Enablement at the Ministry of Industry and Mineral Resources; Eng. Saud Al Mandil, Vice President of Technology, R&D, and Innovation at Ma’aden; Dr. Thamer Aldaajani, General Manager of Mining and Hydrocarbon Research at King Abdulaziz City for Science and Technology; Ali Al-Mutairi, Executive Director at FMF; Dr. Abdullah Al-Nabhan, Senior Director of the Survey and Exploration at the Saudi Geological Survey; and Professor Jim Skie, Chairman of the Intergovernmental Panel on Climate Change.

“Minerals represent a crucial pillar in powering numerous industries and projects,” said Abdulrahman Al Belushi. He stressed the need for sustainable operations that minimize environmental impact and ensure community benefits.

Saud Al Mandil emphasized Maaden’s commitment to sustainability in the mining sector. The company is dedicated to minimizing environmental impact and responsibly managing natural resources, aligning with the Kingdom’s commitment to the Paris Climate Agreement.

Thamer Aldaajani stressed the pivotal role of research in comprehending the economic and environmental impact of mineral resources and enhancing their value chains. He acknowledged the challenges faced by the mining sector in balancing the extraction of required minerals with environmental preservation.

Ali Al-Mutairi outlined FMF’s mission, stating, “FMF aims to shape the future of minerals in the context of the energy transition through multi-stakeholder dialogue and collaboration. The Forum serves as an international platform, fostering opportunities for entities involved in the mining sector to explore potential opportunities across the mineral super region, which stretches from Africa through West and Central Asia.”

Abdullah Al-Nabhan elaborated on the geological characteristics of the Arabian Shield, highlighting its abundant mineral resources essential for the green energy transition. Meanwhile, Professor Jim Skea announced, that for the first time, the IPCC will incorporate the role of minerals in the energy transition as part of its next multi-year report.

The third edition of FMF, under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, will be held from January 9-11, 2024, at the King Abdulaziz International Conference Center in Riyadh.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c7249c16-1580-4825-bd81-b2946880f9f4

Omar Shereen
M: +966 50 663 0489
E: [email protected]

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Gap Inc., Cargill, and GSK Join the Water Resilience Coalition and WaterAid to Improve Access to Water in India as Part of the Coalition’s 2030 100-Basin Plan

New York, New York, Oct. 17, 2023 (GLOBE NEWSWIRE) — The Water Resilience Coalition (WRC), an industry-driven, CEO-led initiative convening global companies to address the global water crisis, today announced the launch of the Women + Water Collaborative, a flagship corporate collective action program to improve access to clean water and sanitation in India.

Gap Inc., Cargill, and GSK, in partnership with WaterAid and the Water Resilience Coalition, are launching the initiative to improve health, livelihoods, and climate resilience in water-stressed communities in India, beginning with the Krishna and Godavari basins. The WRC is an initiative of the CEO Water Mandate, a partnership between the UN Global Compact and the Pacific Institute.

This marks the first time that companies from different sectors spanning apparel, biopharma, and agriculture have united with shared goals, metrics, and governance to provide access to clean water and sanitation in the same communities. The Collaborative builds on the success of the previous USAID Gap Inc. Women + Water Alliance, which empowered over 2.4 million people to improve their access to water and sanitation in India between 2017 and 2023. This is one of 21 collective action projects in 15 basins underway across Asia, Africa, South America, and North America as part of the Water Resilience Coalition’s 2030 ambition to build water resilience across 100 Priority Basins.

The Women + Water Collaborative will improve the availability and quality of water in priority river basins through water replenishment and conservation using methods such as rainwater harvesting. It will provide communities with safe drinking water and climate-resilient sanitation and hygiene infrastructure and services. Although women in rural India play a crucial role in water collection and use, their participation in decision-making around water resources remains low. This program will leverage women’s leadership to build water resilience, improve water security, and enable equitable access to water and sanitation for communities at scale.

“As part of the Forward Faster Water Resilience Target and as members of the Water Resilience Coalition, the companies involved in this initiative have joined an alliance that thrives on collaboration and collective action. This cooperation will play a key role in achieving the WRC’s ambitious goals outlined in its 2030 strategy,” said Sanda Ojiambo, CEO and Executive Director of the United Nations Global Compact and Co-Chair of the Water Resilience Coalition.

“The Women + Water Collaborative builds on Gap Inc.’s history of designing innovative programs with nonprofits and the public sector, and then convening corporate partners to drive sustainability at scale,” said Dan Fibiger, Head of Global Sustainability for Gap Inc. “By joining across food, fashion and biopharma, we can drive meaningful impact in communities that fuel our global supply chains.”

“Water is essential for human health, as well as for the ongoing production of our medicines and vaccines,” said Claire Lund, VP Sustainability at GSK. “Yet climate change and nature loss are impacting water and health in locally specific ways – with some countries being more vulnerable. That’s why we are focused on water as part of our commitment to contributing to a nature positive world. We are proud to be a founding partner of the Women + Water Collaborative to improve water quality, quantity, and access in India, in turn helping to support local community health.”

This flagship collective action program demonstrates tangible progress toward the Water Resilience Coalition’s ambition to contribute to water security for 3 billion people and enable equitable access to water, sanitation, and hygiene for more than 300 million people by 2030.

“We know that reliable access to clean water and sanitation is essential for people and agriculture. At Cargill, we are focused on improving access to safe drinking water and sanitation, with the goal of reaching 500,000 people in priority communities by 2030,” said Michelle Grogg, Vice President of Corporate Responsibility at Cargill. “Partnership and collective action are a critical pathway to help us deliver on this ambition and we’re pleased to be a participating company in the Women + Water Collaborative.”

WaterAid will launch the program in five Indian states and six priority districts. The NGO is keen to bring on additional corporate partners to expand the reach.

“Our impact is limited only by the number of corporate partners we are able to bring on,” says Kelly Parsons, CEO of WaterAid America. “We know that solving the water crisis is a business imperative. We also know that none of the sustainable development goals will be achieved without global collaboration and partnership. By coordinating large, multi-stakeholder partnerships, we create holistic impact, at scale. That’s the power of collective action.”

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About the Water Resilience Coalition

The Water Resilience Coalition is an industry-driven, CEO-led initiative of the CEO Water Mandate that aims to elevate the long-term mounting crisis of global water stress to the top of the corporate agenda and to preserve the world’s freshwater resources through collective action in water-stressed basins and ambitious, quantifiable commitments. Since the Coalition’s launch in 2020, 35 global companies across multiple sectors with a combined market cap of US$4.8 trillion and operations in more than 140 countries have joined the effort. For more information, visit ceowatermandate.org/resilience.

About the Pacific Institute

Founded in 1987, the Pacific Institute is a global water think tank that combines science-based thought leadership with active outreach to influence local, national, and international efforts in developing sustainable water policies. From working with Fortune 500 companies to frontline communities, our mission is to create and advance solutions to the world’s most pressing water challenges. Since 2009, the Pacific Institute has also acted as co-secretariat for the CEO Water Mandate, a global commitment platform that mobilizes a critical mass of business leaders to address global water challenges through corporate water stewardship. For more information, visit pacinst.org.

About the UN Global Compact

As a special initiative of the United Nations Secretary-General, the UN Global Compact is a call to companies worldwide to align their operations and strategies with Ten Principles in the areas of human rights, labour, environment and anti-corruption. Our ambition is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the Sustainable Development Goals through accountable companies and ecosystems that enable change. With more than 18,000 companies and 3,800 non-business signatories based in over 101 countries, and 62 Local Networks, the UN Global Compact is the world’s largest corporate sustainability initiative—one Global Compact uniting business for a better world. 

Dr. Amanda Bielawski
Pacific Institute
[email protected]

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Official Statement: Saurabh Chandrakar Clarifies Misinformation Surrounding Wedding Expenses and Other Allegations

Mr. Saurabh Chandrakar Photo

Mr. Saurabh Chandrakar (Photo: NewsBeatWire)

DELHI, India, Oct. 16, 2023 (GLOBE NEWSWIRE) — In light of recent media reports surrounding the Mahadev App case, Mr. Saurabh Chandrakar, an entrepreneur hailing from Bhilai, Chhattisgarh, finds it imperative to address the glaring misinformation and unfounded accusations that have surfaced. As a dedicated businessman with an unblemished record, Mr. Chandrakar has been taken aback by the baseless claims regarding his alleged involvement in illicit activities.

Contrary to sensationalized reports, Mr. Chandrakar vehemently asserts that the entire wedding ceremony, costing around AED 10 million, was entirely funded by his internal accruals and savings. Meticulous well-documented records substantiating the sources of his income are available. Circulating news suggesting a payment of INR 200 Crores in cash raise incredulity, and while Mr. Chandrakar questions the feasibility of such an enormous cash transaction, he emphasizes the lack of practicality of such claims.

Mr. Chandrakar refutes claims about the alleged extravagant expenses reported by certain sources. He specifically indicates that all financial aspects of the event were overseen by professional event managers, and no cash transactions were involved at any stage of the planning or execution; to insinuate otherwise is purely speculative and unfounded. Documents and financial records are available to substantiate these facts, providing clear evidence that dispels any notions of impropriety.

Furthermore, Mr. Chandrakar firmly believes that the mention of celebrities at the event was grossly exaggerated. He indicates that all those who attended the wedding were engaged by the event management company, which facilitated their attendance. Mr. Chandrakar is also keen to emphasize that all artists were hired by the company exclusively to attend and perform at the event. There were no direct financial transactions between Mr. Chandrakar and these celebrities, as all payments were processed in complete transparency through the event management company, via legal banking channels.

Mr. Chandrakar strongly asserts no association with the Mahadev App or its operations. Accusations depicting him as the “Founder/Promoter/Director” of the Mahadev App lack credibility and are unequivocally false. Additionally, claims about his involvement in 60 illicit offshore platforms are baseless and entirely unsubstantiated.

Mr. Chandrakar vehemently denies any suspicious connections with individuals or organisations that participate in unlawful activities. Any similar allegations are merely rumours, completely baseless, and nothing more than ‘a figment of imagination.’ He strongly expresses astonishment at such allegations.

It is also imperative to clarify that there are no operations in Pakistan, Sri Lanka, or Nepal associated with Mr. Chandrakar. Such claims are entirely false and defamatory, lacking any shred of truth. Mr. Chandrakar has never travelled to these countries, and any claims of his alleged participation in illicit activities in these regions lack any foundation and completely slanderous.

Mr. Chandrakar earnestly urges media outlets to cease spreading unfounded rumours and sensationalized and exaggerated stories that not only tarnish his reputation but also erode public trust in responsible journalism.

Source: Newsbeatwire

Contacts:
Saurabh Chandrakar

[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56d1e182-24c5-4c3c-8148-43e700c2dfb9

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Sourabh Chandrakar Vehemently Denies Accusation in the Mahadev App Scam

Sourabh Chandrakar urges media outlets to rectify the prevailing narrative and is offering complete cooperation to ensure justice is served

DELHI, India, Oct. 12, 2023 (GLOBE NEWSWIRE) — Mr. Sourabh Chandrakar, who has recently faced grave accusations related to the Mahadev Application, strongly asserts that he has no involvement whatsoever in the alleged financial fraud scheme. He deeply regrets being wrongly implicated and depicted as the orchestrator behind this operation.

He firmly states that these allegations lack any foundation and are an effort to smear the good standing of an upstanding citizen. He emphasizes that enjoying a comfortable lifestyle should not be misconstrued as evidence of his engagement in unlawful activities.

The individuals urge all media outlets to consider these facts, rectify the prevailing narrative, and direct resources toward the actual wrongdoers. He is committed to offering his complete cooperation to the authorities to ensure justice is served and the truth prevails untarnished. He urges a fair and unbiased investigation into the matter, emphasizing his commitment to cooperating fully to bring the actual perpetrators to justice.

About Sourabh Chandrakar

In India, Saurabh Chandrakar’s business “Juice Factory” has 25 branches all over Bhilai, Chhattisgarh.

He hails from a humble background and has been running various FMCG, construction, sub-contracting and development-related businesses in the Middle East along with various partners and brands.

His entrepreneurial stint in the Middle East is ‘Empire One Global Real Estate’ wherein he enjoys the position of Co-Managing Director. Both Mr. Uppal and Mr. Chandrakar have been creating value beyond real estate for their clients based out of the Middle East and globally.

*Source: NewsBeatWire

Contacts:
Saurabh Chandrakar
00447723436941

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