The steel industry is responsible for 7-9% of global GHG emissions, and as a primary shipbuilding material, steel is a primary source of Scope 3 emissions for shipping. The Green steel and shipping report explores the need to expand the scope of decarbonisation beyond fuel emissions to enable a future-proof, sustainable shipping industry.

Building on previous research into circularity in shipping (see 2013’s Closed-loop materials management and 2021’s Exploring shipping’s transition to a circular industry), this report examines how rethinking current steel production, use, and recycling can unlock opportunities to embed circularity and decarbonise across both industries.

The report discusses current steel production and decarbonisation efforts, the potential of closing the loop in shipping, and identifies a number of drivers and barriers to achieving greater circularity for the maritime sector. Among others, the need for greater traceability across the ship lifecycle, as well as increasing regulation around sustainability and emissions reporting, are discussed.