If Spirax's customers are forced to electrify or decarbonate, they can buy credits but that destroys the value proposition of using Spirax steam in the first place?

Many plants where there are major players would electrify whatever they could. Tracing would go electric first because it's the process that makes most sense. Steam will still be required so it will not become entirely obsolete. Steam is harder to maintain in commercial heating, even if it is less expensive, and people are moving toward water-based systems. On the oil and gas side, steam will never go away completely, but the future may be an electric steam generator or removing the fossil fuels from steam generation. That is another challenge altogether, but may be worth looking at on how do we overcome electrification requirements.