Publications

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This paper provides an overview and assessment of the direction of these policies and identifies opportunities to further align with global standards, in order to achieve both economic growth and decarbonisation, and to realise these objectives through a Green Transformation (GX).

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The low-carbon transition of China’s steel sector relies on deep energy sector decarbonisation, especially a cleaner power grid to reduce near-zero-carbon steel production costs. In turn, steel’s electrification and hydrogen use boost demand for clean energy. Policies and regional resource advantages are key to its success.

This paper compares two primary steel production routes: the conventional brownfield BF–BOF process and the use of green H2-Iron in greenfield EAFs, to assess the level of carbon pricing or benchmark setting that may be required under the second phase of the GX-ETS to incentivise the deployment of greenfield EAFs using green H2-Iron.1

Transition Asia was invited to speak in a study session on steel decarbonisation on 9 December 2025, with Kenta Kubokawa, Japan Lead, presenting the analysis to members of the Japanese Diet. The closed-door session, titled “Steel Strategy for the Next Generation: Forging a Path to Competitiveness with Electric Arc Furnaces and Scrap”” highlighted the indispensable roles of electric arc furnaces (EAF) for steel production and scrap as a critical raw material.

Transition Asia recently hosted its first webinar on China’s aluminium decarbonisation, bringing together practitioners, experts and representatives from research institutions and civil society to explore the opportunities and challenges facing China’s aluminium sector under the country’s carbon market reform.

Transition Asia today announced two key appointments to strengthen its capability on research and engagement in China, welcoming Isadora Wang as Head of China and Helen Jia as Senior Advisor – China Strategy & Program Development. The appointments mark an important step in expanding the organisation’s expertise and engagement in one of the world’s most critical economies for industrial decarbonisation.

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Transition Asia announced today that the organisation has joined the Japan Climate Leaders’ Partnership (“JCLP”), a coalition of 233 companies committed to climate action, as a  supporting member.climate action, as a supporting member.

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Drawing on in-depth interviews with mills, traders, and industry insiders, the report explores the challenges hindering the scrap-EAF sector’s market expansion and sets out the actions needed to unlock its full decarbonisation potential.

This report provides a detailed analysis of the sector’s emissions, identifies key challenges, and outlines potential pathways toward a lower-carbon future. It also highlights that decarbonisation efforts hinge on increasing renewable energy use and greater scrap utilisation.

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The fiscal year 2024 (April 2024 to March 2025) marked meaningful progress on both corporate and policy fronts. This report offers our latest analysis of the progress made and identifies the gaps that remain.

This report analyses market instruments and developments in China’s steel industry since the introduction of transition finance guidelines by Hebei Province, the country’s largest steel-producing region. It examines trends in bank lending and bond issuance, incorporating insights from interviews with market participants. The report offers actionable guides for steel companies to address decarbonisation challenges, strategies to secure financing for decarbonisation, and insights for policymakers and standard setters developing future market incentives and transition policies.

Transition Asia welcomes Nippon Steel’s announcement on 30 May 2025 to invest JPY 868.7 billion (USD 6.08 billion) in expanding its electric arc furnace (EAF) capacity in Japan. According to our research, EAF-based steel production emits significantly less carbon than conventional blast furnace methods—and emissions can be reduced even further if the furnaces are powered by 100% renewable electricity (See below figure). However, additional disclosure is needed to determine the announcement’s emissions reduction impact — particularly the energy sources powering these furnaces and the proportion of scrap and/or HBI (hot briquetted iron) they will use, which will have vast implications on the emission reduction impact.

At last year’s Annual General Meeting (AGM), three climate-related shareholder proposals were submitted, including a climate lobbying resolution that received the highest level of support ever recorded for such an initiative in Japan. Despite this strong signal from investors, to date, there has been no meaningful progress in the company’s decarbonisation efforts.

As the upcoming AGM approaches, this briefing aims to provide investors with high-level engagement points, summarised here and elaborated on below to support informed engagement.

At last year’s Annual General Meeting (AGM), three climate-related shareholder proposals were submitted, including a climate lobbying resolution that received the highest level of support ever recorded for such an initiative in Japan. Despite this strong signal from investors, to date, there has been no meaningful progress in the company’s decarbonisation efforts.

As the upcoming AGM approaches, this briefing aims to provide investors with high-level engagement points, summarised here and elaborated on below to support informed engagement.

The fiscal year 2024 (April 2024 to March 2025) marked meaningful progress on both corporate and policy fronts. This report offers our latest analysis of the progress made and identifies the gaps that remain.

This report provides a detailed analysis of the sector’s emissions, identifies key challenges, and outlines potential pathways toward a lower-carbon future. It also highlights that decarbonisation efforts hinge on increasing renewable energy use and greater scrap utilisation.

In this quick take, our analyst, Akira Kanno, highlights how these government incentives could make JFE’s Green Steel Project a cost-competitive model for the industry—potentially setting a precedent for other Japanese steelmakers to follow.

In this blog, our China Engagement Lead, Bonnie Zuo highlights how green hydrogen and renewable energy can play a crucial role in helping China transition to a more self-sufficient, scalable steel industry. This shift offers not only a reduction in reliance on external supply chains but also presents both significant opportunities and challenges as China steps into a new low-carbon era.

This short briefing note outlines our perspective on how adjustments to scrap recovery rates can meet future demand and emphasises the critical role of renewable power in decarbonising Japan’s EAFs.

This report focuses on the implications for the steel sector, examining allowance allocations for steel companies, the impact of carbon pricing on green steel in China, and our recommendations to ensure the effective operation of the ETS in the short term.

This report examines Scrap EAF steel using electricity and provides an in-depth look at Japan’s market landscape, feedstocks, decarbonisation potential, and product marketing, highlighting its role in Japan’s low-carbon transition.

This report delves into the current state of Malaysia’s steel sector, examining its strengths and weaknesses and exploring opportunities for modernisation and decarbonisation.

This report focuses on the key aspects that are most relevant to steel decarbonisation while demystifying the 7th SEP, the GX2040 Vision and relevant policies such as the GX Leadership Declaration and the Act on Promoting Green Procurement.

In our analysis, we suggest that greenfield investments in North America could provide a more futureproofed and sustainable pathway, delivering stronger value for investors in the long term.

In this explainer, we provide a non-technical overview of key aluminium production processes and their potential for emissions abatement.

The report covers the entire transition process, highlighting the key technologies and market developments needed to foster greener steel production. It also offers recommendations for policymakers. As subsidies for steel decarbonisation become a hot topic, this report provides actionable insights for accelerating China’s leadership in this space.

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