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Germany鈥檚 largest steelmaker thyssenkrupp has set itself the target of cutting its greenhouse gas emissions to zero by 2050. 鈥淭hyssenkrupp aims to be climate neutral from 2050 onwards,鈥� the company said聽. 鈥淎s early as 2030 the group plans to cut emissions from production and outsourced energy by around 30 percent.鈥� The company added its new climate strategy is based on the Paris Climate Agreement. 鈥淎s an industrial company with operations around the globe we are in a particularly good position to reduce greenhouse gas emissions through sustainable products and processes,鈥� said CEO Guido Kerkhoff. 鈥淲e see huge business potential for our various technologies for reducing emissions. This market is worth billions,鈥� thyssenkrupp's chief technology officer Reinhold Achatz .

After balking at the Energiewende for many years, German industry has made a notable shift to聽embracing the energy transition with a new fervour. Thyssenkrupp emitted around聽聽in the fiscal year of 2017/2018 鈥� almost three percent of聽Germany鈥檚 total emissions. The company鈥檚 new targets refer both to its own production, the energy it purchases and its products. In steel production, thyssenkrupp is working to convert steel mill emission gases into valuable chemicals in the聽so-called Carbon2Chem project. Already in January, thyssenkrupp announced that聽the company would phase out CO2-intensive coke-based steel production聽and replace it with a hydrogen-based process by 2050. The use of 鈥済reen鈥� hydrogen should make steel production CO2聽neutral in the future, according to the press release. Both projects are funded by the German federal government and the state of North Rhine-Westphalia. Thyssenkrupp rival Salzgitter has聽also developed a 鈥渢echnically feasible but not economically viable鈥� concept聽to replace fossil fuels used in steelmaking with renewable hydrogen.