钢铁和水泥过渡的供需措施（英）2025

Investment Rating - The report emphasizes the need for a massive scale-up of markets for near-zero emissions steel and cement to achieve net zero goals, indicating a positive investment outlook for these sectors [7][17]. Core Insights - The steel and cement sectors account for 14% of global energy-related emissions, making their decarbonization critical for meeting international climate targets [17][45]. - Early movers in the production of near-zero emissions materials are beginning to establish themselves, but current market growth is insufficient to meet future demand [18][19]. - Policy measures from governments are essential to reduce risks and provide certainty in the market for near-zero emissions materials [21][23]. Summary by Sections Executive Summary - The report highlights the urgent need for scaling up near-zero emissions materials to meet net zero targets, with the steel and cement sectors being pivotal [17][43]. - Current production capacities for near-zero emissions materials are significantly below what is required for a sustainable transition [18]. Demand-Side Measures - Demand-side measures are crucial to overcome barriers such as high costs and lack of competitiveness of near-zero emissions materials [72]. - Some companies are already committed to procuring near-zero emissions products, indicating a willingness to pay a premium [19][60]. Supply-Side Measures - Supply-side measures must align with demand-side policies to facilitate a shift in production capacity towards near-zero emissions [26][28]. - Governments can implement various targeted supply-side measures to support the transition, including carbon pricing and incentives for technology demonstrations [28][29]. International Coordination - International collaboration is vital for accelerating the transition to near-zero emissions materials, as it can help de-risk investments and create larger market signals [29][30]. - The Climate Club can play a significant role in fostering collective action among governments to enhance market conditions for near-zero emissions materials [37][70]. Illustrative Pledge Proposal - The report proposes a collective pledge for Climate Club members to achieve a market share of 35% near-zero emissions steel and 25% near-zero emissions cement by 2035 [41][39]. - Supporting actions for this pledge include enhancing public procurement of near-zero emissions materials and scaling up production capabilities [42][40].