According to Reuters, the German industry will need investments of about 52 billion euros to get closer to climate neutrality by 2050, according to a study conducted by the German investment group Allianz Trade.

According to the study, the steel industry ranks first among the sectors that will need €16.7 billion in investment for climate transition, followed by the pulp and paper industry (€16.3 billion) and the chemical industry (€9.51 billion).

According to Allianz Trade economist Markus Zimmer, the country’s manufacturing sector is one of the important factors that will determine the successful energy transition and achievement of climate goals, although decarbonisation has a high cost.

According to the study, decarbonisation of the global industrial sector will require a total investment of 2.7 trillion euros by 2050, thanks to which global industry can avoid more than 90% of emissions by that date.

Additional investment of around €2.8 trillion is needed to capture and store the remaining CO2 emissions.

Moreover, Wood Mackenzie estimates, done in the autumn of 2022 that decarbonising the global steel industry by 2050 will cost $1.4 trillion.

The measures include upgrading the existing steel production infrastructure and developing new deposits of high-quality iron ore in iron and steel production operations.

The world’s annual carbon dioxide emissions are 3.4 billion tonnes, which represents 7% of the world’s total emissions.

“The decarbonisation of EU industry needs support from governments because the green economy does not bring profit at first,” said the delegate of the Minister at the Ministry of Economy, Finance, Digital and Industrial Sovereignty of France, Roland Lescure.