Rolling coverage of the latest economic and financial news, including the latest news on the future of the Port Talbot steelworks
- Tata Steel to shut down Port Talbot blast furnaces, putting 3,000 jobs at risk
The issue of how to decarbonise economies has been a theme at Davos this week.
Chrystia Freeland, Canada’s finance minister, told delegates she discussed this issue with a very significant international business leader who’s also a big investor in Canada:
“And he said to me, all the countries in the world need to be very careful that decarbonisation does not mean deindustrialization.
I thought that was an extremely smart comment.
“Steel production is an energy-intensive and environmentally impactful process. The cut in energy supplies to Europe from Russia has led to the deindustrialisation of Europe in general.
The Russian energy supplies were redirected to India.
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