European and UK steelmakers face higher carbon prices than any other part of the world

Who currently pays carbon costs?

Only the UK, EU, Canada, and New Zealand apply comparable carbon pricing (£30-£70/tCO2e), responsible for 155 million tonnes of steel or 8.2% of global steel production in 2022.

Do any other countries pay similar levels?

Japan and South Korea apply carbon pricing of around £10/tCO2e and produce 155 million tonnes of steel or 8.2% of global steel production in 2022.

Nearly 92% of the world doesn't pay carbon costs?

The rest of the world either applies carbon pricing of less than £3/tCO2 or no carbon pricing at all. This means that 91.8% of global steel production does not face carbon pricing comparable to the UK, if at all.