The Centre is working on developing a policy framework for formulating strategy, roadmap and action plan for decarbonisation of the steel sector, a top official said on Tuesday.
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 the industry stakeholders.
These task forces consisted of members from industry, academia, think tanks 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 production of steel using green energy sources and minimising the usage of fossil fuel.
The report offers a detailed analysis of the current state of 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 on demand side levers, including developing taxonomy 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, green hydrogen, he stressed.
The report is particulary relevant in the context of challenges faced by the steel sector, including climate commitments, rising energy costs, stringent environmental regulations, and the need of 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 per cent of the country’s greenhouse gas emission with 2.5 tonnes of CO2 emission per tonne of crude steel compared to the global average of 1.9 tonnes of CO2 per tonne of crude steel.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 10 2024 | 5:53 PM IST
