The Centre is working on developing a policy framework for formulating a strategy, roadmap, and action plan for decarbonisation of the steel sector, a top official said.
The report explores three key policy levers on demand side, including developing taxonomies of green steel, monitoring CO2 emissions, and generating market-based incentives
The Centre is working on developing a policy framework for formulating a strategy, roadmap, and action plan for decarbonisation of the steel sector, a top official said.
Speaking at an event here, steel secretary Sandeep Poundrik said, "The ministry of steel is working on developing a policy framework... while covering solutions ranging from minimisation to carbon avoidance to carbon utilisation."
Towards this, the ministry has constituted 14 high-powered task forces to carry out discussions, deliberations, and brainstorming on various enablers for decarbonisation, with the involvement of experts and industry stakeholders.
These task forces consisted of members from industry, academia, think tank innovators, various ministries, and government departments.
The inputs of the task forces have been compiled into a comprehensive document.
"I am proud to present the report 'Greening the steel sector in India-Roadmap and Action Plan' as a critical milestone in our efforts to decarbonise the steel sector," he said.
Green steel refers to the production of steel using green energy sources and minimising the usage of fossil fuels.
The report offers a detailed analysis of the current state of the steel industry and the steps required to transform it into a sustainable model. It addresses critical areas such as technological innovation, policy reforms, and the financial mechanisms necessary to support this transition, the secretary said.
The report explores three key policy levers on demand side, including developing taxonomies of green steel, monitoring CO2 emissions, and generating market-based incentives. It also examines seven supply-side levers such as energy efficiency, renewable energy, material efficiency, process transition, and green hydrogen, he stressed.
The report is particularly relevant in the context of challenges faced by the steel sector, including climate commitments, rising energy costs, stringent environmental regulations, and the need for technological innovation, the secretary explained.
By addressing these challenges head-on, the report offers actionable insights that can help ensure the steel industry remains competitive both domestically and globally, he said.
India's steel sector accounts for 12 percent of the country's greenhouse gas emissions, with 2.5 tonnes of CO2 emissions per tonne of crude steel compared to the global average of 1.9 tonnes of CO2 per tonne of crude steel.