IRENA & G20 - Circular-steel Industry, 2023

This report provides an overview of the current state of the steel industry and the potential benefits of adopting circular economy principles. The report highlights the importance of transitioning to renewable energy sources, particularly for primary steel production, to achieve a more sustainable steel sector. The report also emphasizes the need for international cooperation to facilitate the exchange of best practices and prevent market distortions that disincentivize investments in energy efficiency projects. The report proposes the use of renewable energy in steel production as an integral component of circular approaches to transform the steel industry as we strive to achieve a sustainable and net-zero future. Adopting the circular principles presented in this report can help close the loop in the material value chain of steel and reduce greenhouse gas emissions from the sector. The global nature of steel necessitates coordinated action to overcome common challenges and seize opportunities. G20 members account for about four-fifths of the world’s production and consumption of steel, and collaboration among members can accelerate the adoption of circularity. By working together, G20 members can lead the way in implementing circularity by fostering the exchange of best practices, removing trade barriers, and establishing common standards for sustainable steel production. The report also highlights the progress made so far and recommends areas for further improvement, such as increasing the use of scrap and improving the design of steel products to facilitate recycling. Overall, the report provides a comprehensive overview of the potential benefits of circularity in the steel industry and recommends concrete steps to achieve a more sustainable and efficient sector.