Steel and climate crisis: What CRITIC and CoCoSo tell us

What is it about?

The article that served as the source and inspiration for the information presented on this page was originally published under the title “Küresel iklim krizi tedbirlerine uyum sürecinde demir çelik sektörü: CRITIC ve CoCoSo yöntemleriyle bir değerlendirme” in “Verimlilik Dergisi”, dated 2024, Volume 58(3), pp. 305-324. The content below offers informative and explanatory insights that include personal perspectives on the topic. You are welcome to share your questions, comments and suggestions via the contact channels and academic/social platforms listed in the menus on the right. The author(s) expect proper citation of their original work as a recognition of their scholarly contribution published in peer-reviewed scientific journals. Therefore, please refrain from citing this page and instead cite the original article. Please note that this text serves primarily as an introduction and expression of viewpoints. Thank you for your understanding. We took a deep dive into how countries performed in adapting to the global climate crisis between 2018 and 2021, using some fancy decision-making tools called CRITIC and CoCoSo. Basically, CRITIC helped us figure out which factors mattered most, and CoCoSo ranked the countries based on those factors. We split the countries into two groups based on their average R&D spending compared to GDP and looked at their progress year by year. Spoiler alert: South Korea topped the charts in the first group, while the US lagged behind. In the second group, Turkey took the lead, with Russia trailing. Indonesia’s impressive climb in adapting to climate crisis measures was definitely a highlight! What makes this study special? Using both CRITIC and CoCoSo together is pretty rare, especially when focusing on the steel industry and green economy topics. Our findings also fit well with existing research and the unique economic situations of the countries, showing we picked the right tools for the job.

Featured Image

Photo by Francesco Ungaro on Unsplash

Photo by Francesco Ungaro on Unsplash

Why is it important?

We live in a world where everyone’s wants are turning into needs—and the global steel industry is right at the heart of making those needs come true. But here’s the catch: resources aren’t unlimited. As we produce more and more, the planet’s limits start to push back, making sustainability not just a buzzword, but an urgent necessity. Steel is the backbone of modern life, it’s in cars, buildings, ships, you name it. Yet, the steel industry is also one of the biggest polluters, pumping out loads of carbon dioxide and other nasty stuff that heat up our planet. So, as the world heats up literally and figuratively, governments and organizations like the EU and the UN are rolling out rules and policies to cool things down. That’s why we think this topic matters so much. The steel sector isn’t just about making metal; it’s about balancing big industrial ambitions with the urgent need to protect the environment. The industry faces tough challenges, like reducing energy use and carbon emissions, while still meeting global demand. What makes it even trickier? Steel production often depends on importing raw materials, making it a global game that ties countries together-good or bad. And let’s not forget, countries differ wildly in their R&D efforts to innovate cleaner, greener steel-making processes. Tracking who’s leading and who’s lagging helps us understand the bigger picture of global climate action. By digging into how top steel-producing countries stack up in their climate crisis efforts, using smart data tools, we’re helping shine a light on where progress is being made and where more work is needed. After all, if we want a cooler planet and stronger economy, the steel industry has to be part of the solution, not the problem.

Perspectives