<p>Vale has signed a Memorandum of Understanding with China Baowu Steel Group Corporation Limited in which both agreed to pursue opportunities to develop steelmaking solutions focused on reducing greenhouse gas emissions. The MoU comprises the discussion to produce biochar and use it in blast furnaces in order to consume a carbon neutral material based on biomass instead of fossil energy. The MoU also intends to discuss a possible investment by Vale into China Baowu’s pilot biochar plant project, with an indicative amount ranging from sixty to seventy million renminbi.</p><p>This initiative contributes to achieving Vale’s commitment to reduce 15% of net Scope 3 emissions by 2035. Additionally, Vale seeks to reduce its absolute Scope 1 and 2 emissions by 33% by 2030 and achieve neutrality by 2050, in line with the Paris Agreement, leading the evolution process towards low carbon mining.</p><p>China Baowu is the world’s biggest steel producer with around 115 million tonnes crude steel production in 2020 on a consolidated basis.</p>
<p>Vale has signed a Memorandum of Understanding with China Baowu Steel Group Corporation Limited in which both agreed to pursue opportunities to develop steelmaking solutions focused on reducing greenhouse gas emissions. The MoU comprises the discussion to produce biochar and use it in blast furnaces in order to consume a carbon neutral material based on biomass instead of fossil energy. The MoU also intends to discuss a possible investment by Vale into China Baowu’s pilot biochar plant project, with an indicative amount ranging from sixty to seventy million renminbi.</p><p>This initiative contributes to achieving Vale’s commitment to reduce 15% of net Scope 3 emissions by 2035. Additionally, Vale seeks to reduce its absolute Scope 1 and 2 emissions by 33% by 2030 and achieve neutrality by 2050, in line with the Paris Agreement, leading the evolution process towards low carbon mining.</p><p>China Baowu is the world’s biggest steel producer with around 115 million tonnes crude steel production in 2020 on a consolidated basis.</p>
