<p>A new technological process involving the introduction of an induction furnace (IF) powered by green electricity was proposed for reducing the CO₂ emission in the conventional blast furnace–basic oxygen furnace (BF–BOF) steelmaking route. The proposed BF–IF–BOF process gains benefits from preheating and smelting scraps utilizing green electricity and further remarkably cuts down the CO₂ emission in BOF steelmaking. The CO₂ emissions of conventional and new processes have been comparatively analyzed according to the actual data from a commercial steel plant in China, taking into account the upstream CO₂ emission, direct CO₂ emission, and credit CO₂ emission. The analysis revealed that the CO₂ emission factor of internal scraps from the steel plant was different from that of purchased scraps from the society but equalled to that of crude steel. The CO₂ injected into the BOF as a coolant could be defined as the upstream CO₂ emission source, and there is a net reduction of 1 t CO₂ emission for each ton of CO₂ utilized in the BOF. Compared to the BF–BOF process with a scrap ratio of 19.23%, the CO₂ emission reduction per ton of steel in the new process is 0.278, 0.517, 0.753, 0.987, 1.219, 1.448, and 1.683 t, respectively, as the scrap ratio increases to 30%, 40%, 50%, 60%, 70%, 80%, and 90%, and increasing the scrap ratio has a more significant impact on the emission reduction than CO₂ injecting. A minimum CO₂ emission model for the BF–IF–BOF process was established, and the minimum CO₂ emission per ton crude steel was calculated to be 0.677, 0.581, 0.487, 0.393, 0.300, 0.209, and 0.110 t, for the BF–IF–BOF process with the scrap ratios of 30%, 40%, 50%, 60%, 70%, 80%, and 90%, respectively.</p>