UN Climate Change Conference 2023 - The big stocktake

This year’s climate negotiations are taking place at a difficult time. Yet the global community must come together to find a common response to the climate crisis. The goal of this year’s COP28: "Global Stocktake". When the Paris Agreement on climate protection was concluded eight years ago, it was agreed that it would form the basis for further resolutions. We know that current efforts will not meet the long-term goals of the Paris Agreement and that a window of opportunity is closing soon. Therefore, it is crucial to enable a realistic picture of the current situation and to take further targeted measures in a timely manner. This includes the energy transition and the reduction of greenhouse gas emissions to achieve the 1.5-degree target.

To stay true to this shared objective, it is essential for all representatives to conduct a candid assessment. Hence, the review process encompasses not only acknowledging progress but also recognizing failures in meeting climate targets. Special emphasis is placed on the industrial sector, as its transition toward sustainability presents the most significant opportunity for achieving the climate targets.

Key levers for the green transformation of industry

Industry is responsible for a large proportion of CO₂ emissions worldwide and therefore has one of the most important levers for achieving climate targets. At the same time, it also has the necessary innovations to reduce emissions. As one of Germany's largest industrial companies, we at thyssenkrupp are aware of this responsibility and know that our greatest influence lies in the green transformation of our processes and those of our customers.

We identify two primary levers for reducing industrial emissions:

We see two main levers to cut industrial emissions:

1. Replacing CO₂-intensive production processes with climate-friendly technologies and

2. Key technologies for the energy transition

Replacing CO₂-intensive production processes with climate-friendly technologies

As a company engaged in energy-intensive industries, we are committed to playing our part in achieving net-zero emissions by 2050 or earlier. Consequently, we are actively decarbonizing our own operations and assisting our customers in meeting their climate targets.

Our steel business is one of the biggest CO₂ emitters in Germany responsible for 2.5 percent of the country’s total greenhouse gas emissions. But we have already started the green transformation.

So far, coal-based hot iron production in the blast furnace has always entailed emitting large amounts of CO₂. However, we are now replacing CO₂-intensive processes in steel production with climate-neutral technologies. In 2023, we initiated the construction of our first direct reduction plant running on hydrogen, launching one of the world's largest industrial decarbonization projects. This initiative will also establish a hydrogen infrastructure at scale. Through these efforts, we aim to avoid up to 6 million metric tons of CO₂ by 2030, enabling us to comfortably achieve our 2030 CO₂ emissions target.

In addition to the steel and chemical industries, cement production stands out as one of the most influential factors for significantly reducing global CO₂ emissions. With innovative technology, including patented oxyfuel plants, our plant engineer, thyssenkrupp Polysius, is at the forefront of paving the way for a climate-neutral transformation of the cement industry.

Key technologies for the energy transition

At the same time, we are on our way to becoming a pioneer of sustainable value creation and an enabler of the industry’s green transformation – with new technologies for industrial production and the energy transition, which we recently bundled under one roof. Miguel López, CEO of thyssenkrupp AG, describes the newly founded thyssenkrupp segment Decarbon Technologies  as a "Green Powerhouse". With thyssenkrupp Decarbon Technologies, we want to contribute our diverse expertise to turn ambition into action. Its technologies are intended to make a major contribution to reducing global CO₂ emissions and accelerate the energy transition.

thyssenkrupp Decarbon Technologies includes the business units thyssenkrupp rothe erde, thyssenkrupp Uhde, thyssenkrupp Polysius and thyssenkrupp nucera, which is a listed company with thyssenkrupp AG as the majority shareholder.

Global plans to expand wind power are huge. thyssenkrupp rothe erde is the world's number one supplier of the latest generation of slewing bearings. As a component of wind turbines, they ensure that green electricity can be generated. They make wind energy possible in the first place and form the beginning of the entire value chain of the energy transition.

This green electricity is a prerequisite for producing environmentally friendly, low-emission hydrogen. In turn, such hydrogen has the potential to enhance the sustainability of traditional industries and replace fossil raw materials, as seen in applications like steel or glass production. Currently, green hydrogen constitutes less than 1% of total hydrogen production. A new impetus is required to overcome challenges on both the demand and supply sides. We aim to proactively contribute to the establishment of a hydrogen economy: thyssenkrupp nucera stands as one of the world’s leading suppliers of electrolysis plants for hydrogen production. Our electrolyzers utilize renewable energy to produce green hydrogen on an industrial scale.

thyssenkrupp Uhde is the global technology leader in plant engineering for green chemicals such as green ammonia and green methanol . Ammonia will become increasingly important in the future serving as a transporting medium for green hydrogen. Once it reaches its destination, Uhde's patented ammonia cracking technology ensures that the low-emission hydrogen is recovered.

Furthermore, as important raw materials for the chemical industry, green ammonia and green methanol can make numerous other processes and products more sustainable. Uhde offers various technologies to make plants in different industries more sustainable. One of these is the EnviNOx® process, which significantly reduces emissions from the fertilizer industry by splitting climate-damaging nitrous oxide.

And to complete the picture of our new segment, the above mentioned thyssenkrupp Polysius is driving the climate neutral transformation of the cement industry.

Working together for a successful energy transition

For all these endeavors to succeed and for thyssenkrupp's technologies to be effectively utilized, it is essential that we collaborate globally and take joint action. Only with political support and in cooperation with industry and research can we, at thyssenkrupp, and society as a whole, meet the challenges posed by the climate crisis and fulfill the goals outlined in the Paris Agreement.

As facilitators of the green transformation, we at thyssenkrupp aspire to actively participate in the world’s largest climate conference. Therefore, we are present at COP28 in Dubai with a diverse team of experts, aiming to share our knowledge and deepen collaboration with public and private sector partners.

This year, we are particularly proud to be hosting our own event during COP28, where we will discuss the challenges of decarbonization with various experts from politics and industry in Dubai on 1 December. You can find more information about COP28 on the official COP28 website.