Strengthening Sustainability in the Steel Industry
People have used steel since ancient times, after blacksmiths discovered that iron became harder and stronger after being placed in charcoal furnaces. Today, steel is present in virtually every aspect of people's lives, from homes and hospital...
| Main Author: | |
|---|---|
| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2022
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/782481646906336787/Strengthening-Sustainability-in-the-Steel-Industry http://hdl.handle.net/10986/37145 |
| Summary: | People have used steel since ancient
times, after blacksmiths discovered that iron became harder
and stronger after being placed in charcoal furnaces. Today,
steel is present in virtually every aspect of people's
lives, from homes and hospitals to roads and other
infrastructure that provide the foundation for social and
economic development. Steel is among the world's most
recycled materials, with circular economy practices
incorporated into various stages of the production cycle.
Yet the high-temperature heat vital to its production
process still requires large amount of energy. Hence, the
iron and steel sector remains among the largest consumers of
energy and emitters of carbon dioxide, accounting for 6 to 7
percent of global greenhouse gas emissions.' With
growing global concerns over climate change, regulators,
investors, and industrial customers are increasingly pushing
steelmakers to increase their sustainability by pursuing
decarbonization pathways. To speed up the process will
require incremental and breakthrough technologies, and the
International Finance Corporation has been exploring
opportunities to finance such projects and support
steelmakers to become more sustainable. |
|---|