Full Title: The Necessity of G7 Leadership in Cleaning the Steel Market
Author(s): Matt Piotrowski and Nitya Aggarwal, and George Frampton
Publisher(s): Climate Advisers
Publication Date: March 20, 2023
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The G7 countries are well positioned to bolster global cooperation on greening international trade of carbon-intensive goods as the group includes three of the five largest steel producers globally and two of the four largest steel importers. With the May 2023 G7 Summit in Hiroshima approaching, there is a window of opportunity for G7 countries to place industrial decarbonization, with a focus on steel, at the top of the agenda to make significant progress in reducing global greenhouse gas (GHG) emissions.
This paper explores the necessity of G7 leadership in creating global cooperation to clean heavy industry, particularly steel. This leadership can be leveraged toward facilitating a platform for multinational cooperation on industrial decarbonization, and several steps toward doing so are outlined in this paper, including recommendations on standards and data transparency. Increasing cooperation and enacting sound industrial decarbonization policies rely on progress on standards and data. A key facet of the success of such a platform would include engagement with the largest steel-producing countries outside the G7, particularly with India due to its geopolitical role and significant sectoral growth. As such, analysis of India’s steel sector is provided as a case study of how the country can be engaged in decarbonization efforts.