Steelmaker ArcelorMittal's unit ArcelorMittal Europe plans to cut its carbon emissions by 30% by 2030 as part of its previously announced plan to be carbon neutral in Europe by 2050.

CEO of ArcelorMittal Europe's Flat Products segment Geert Van Poelvoorde said the decarbonization plan is in line with the Paris Agreement on climate change and the European Union's target to reach net-zero emissions in 2050 as part of the "European Green Deal."

The European Commission recently unveiled a slate of climate-related policy proposals, charting a wide-ranging roadmap to faster emissions cuts that includes a €100 billion funding mechanism to help Eastern European states who still rely heavily on fossil fuels.

ArcelorMittal Europe intends to use clean power and circular carbon energy sources for steelmaking, and in the case of fossil fuels, look into reusing carbons instead of emitting them into the atmosphere.

The unit said on Dec. 13 it expects its €120 million "Carbalyst" project at ArcelorMittal Ghent, which is looking to capture waste gases from the blast furnace and convert them into bio-ethanol, to be completed in 2020.

It also expects its large-scale demonstration plant in ArcelorMittal Ghent to convert waste wood into bio-coal, Torero, to be operational by the end of 2020, with an investment of €40 million.

The company is also investing €65 million at a Hamburg site to increase the use of hydrogen for the direct reduction of iron ore, it noted.

Additionally, construction of a carbon capture and storage pilot project, 3D, will begin at ArcelorMittal Dunkirk in 2020 and will be able to capture 0.5 tonnes of carbon dioxide an hour from steelmaking gases by 2021.

"We've spent the last few years testing a range of technologies and now is the time to scale up and put them into action," Van Poelvoorde said.