Material Efficiency for the Circular Economy

Sangwon Lee ()
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Sangwon Lee: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 23-17, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: Consumers and businesses on the demand side worldwide are beginning to look more favorably on tighter carbon regulations, leading players on the supply side to voluntarily launch carbon reduction initiatives. The industrial sector is also under increasing public pressure to minimize energy consumption and cut carbon emissions. Trends in this space include eco-friendly design, enhanced durability and longer usable life, remanufacturing, and recycling. Previous studies such as IPCC (2022) and Allwood et al. (2011) have stressed the importance of material efficiency in reducing carbon emissions in the industrial sector. These studies see material efficiency as a typical demand-side reduction effort. Identifying effective and diverse demand-side mitigation strategies is crucial to overcome the limitations of traditional supply-side industrial carbon reduction strategies. To date, carbon reduction activities in the industrial sector have primarily focused on supplier- or producer-funded energy transition policies, such as substituting fossil-based energy with alternative fuels and expanding renewable energy. In the context of government policies that prioritize supply, such as clean electricity and hydrogen policies, this paper reviews the contemporary discourse on material demand management, recycling, and reuse.

Keywords: materials; material efficiency; carbon mitigation; emissions reduction; climate change; environmental policy; environmental regulation; carbon regulation; waste reduction; resource circularity; consumption reduction; sustainability; sustainable growth; sustainable development; Korea (search for similar items in EconPapers)
JEL-codes: F18 F64 Q50 Q53 Q54 Q55 Q56 Q58 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2023-06-30
New Economics Papers: this item is included in nep-ene, nep-env and nep-inv
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