The International Renewable Agency (IRENA) has stated that adopting circular principles that require improved material and process efficiency, increased steel recycling and the adoption of renewable energy sources, can reduce greenhouse gas emissions from the steel sector.
The agency noted that the transformation of the steel industry also requires international dialogue and co-operation in the G20 to identify and scale best practices in the major steel-consuming sectors, remove the barriers to the international scrap trade, and prevent market distortions that disincentivize investments in energy efficiency projects.
G20 countries produce about 85 percent of the world’s steel and are responsible for consuming about 80 percent of global output.
