"Iron production is a hot, energy-intensive process. Today, the steel industry is responsible for about 7% of all global carbon emissions (90% of which come from making iron)."
"Through a novel electrochemical process, powered by renewable energy, Electra is trying to change that. In March, it launched a pilot plant to produce iron at the temperature of a cup of coffee."
"Nijhawan contends that a global price on carbon is needed to push companies to adopt tech like Electra's and accelerate industrial decarbonization."
"The Carbon Border Adjustment Mechanism (CBAM) in Europe established a way to put a price on emissions in carbon intensive goods production and is already incentivizing technological innovation and driving global investments."
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