Steel, a vital material for human societies, enables progress in various sectors. However, the steel industry contributes about 7% of global carbon dioxide emissions due to its reliance on fossil fuels.
The circular economy for steel can mitigate the detrimental impacts that arise from the steel industry. This report, prepared by the International Renewable Energy Agency (IRENA) in close collaboration with India's Ministry of Environment, Forest and Climate Change, aims to facilitate the discussion on a circular steel industry under India's G20 Presidency.
The report delves into the key factors that contribute to the environmental impact of the iron and steel sector and provides a comprehensive analysis of the challenges and opportunities associated with improving circularity.
Achieving a circular steel sector requires improved material and process efficiency; increased steel recycling; and the adoption of renewable energy sources for steel production. This report recommends international dialogue, co-operation and collaboration to pivot toward a more resource-efficient, low-carbon, environmentally sustainable steel industry.