Ferrous metal extraction and its impact on sustainable urban development

This paper examines the pivotal role of ferrous metal extraction in urban development within the ASEAN context. The analysis encompasses factors crucial to sustainable urban progress, such as ferrous metal production efficiency, ICT development, Consumer Price Index (CPI), Gross Domestic Product (GDP), and Financial Development Index. Utilizing the CUP-FM method, findings reveal that a mere 1% increase in steel and iron production correlates with a noteworthy 0.19% reduction in the Sustainable Urban Index for the region. Elevated ferrous metal production contributes to an adverse environmental footprint, impacting overall sustainability. Barriers to sustainable urbanization include digitalization, economic growth, and financial development. Policy recommendations advocate for greening the ferrous metal industry through cleaner technologies, eco-conscious strategies aligned with green growth policies, the implementation of a carbon taxation system to curb industrial emissions, the establishment of a robust green financial market, and a shift to renewable energy for sustainable urban power generation.