(Yicai Global) Nov. 19 -- The world's biggest steel producer China Baowu Steel Group has helped form an international alliance of more than 60 companies to lower emissions in the steel industry.

The Global Low-Carbon Metallurgical Innovation Alliance was founded in Shanghai yesterday to provide a technical communication platform for global steelmakers, colleges, and research institutions, the Paper reported today.

The first 62 members from 15 countries include Luxembourg-based ArcelorMittal, Germany's ThyssenKrupp, Mumbai-based Tata Steel, and London-headquartered Rio Tinto. The group has 20 Chinese firms and 11 educational institutions, such as Shanghai Jiao Tong University.

The alliance aims to gather global research and development resources, develop basic and forward-looking technologies, and promote the sector's environmental transformation.

Steelmakers' exploration and practice or regional joint actions have provided rich experience for the global steel industry's low-carbon transformation, but these efforts cannot meet the cost, efficiency, and time requirements of global integration, Chen Derong, chairman of China Baowu, said at the inaugural event yesterday.

Therefore, the alliance will be committed to building a new platform that goes beyond countries and regions, traditional cognitive models, and market competition, Chen added.

China Baowu has set up a low-carbon metallurgy technology innovation fund and published phase I project guidance, said Chen. The plan is to provide CNY35 million (USD5.5 million) per year, he added.

Shanghai-based China Baowu released its carbon reduction schedule early this year after President Xi Jinping said in September 2020 that China will achieve carbon neutrality by 2060. The steelmaker will strive to be even quicker by reaching net-zero carbon dioxide emissions by 2050. Emissions should start decreasing after peaking by 2023.

Editor: Emmi Laine, Xiao Yi