India’s steel industry will need an investment of USD 283 billion to completely decarbonize its existing manufacturing facilities, according to a new strategy outlined by the Ministry of Steel. The plan aims to reduce the carbon footprint of the steel sector and encourage the use of renewable energy and energy-efficient technologies.
A key component of the strategy is to increase the share of renewable energy in steel production to 43% by 2029-30, a significant increase from 7.2% in the 2021-22 fiscal year. The ministry is also considering lowering taxes for green steel production and making it mandatory for luxury carmakers to use green steel raw materials to encourage the transition.
The roadmap highlights that adopting the best available technologies at India’s smaller steel plants will cost over USD 13 billion while transforming manufacturing processes at larger facilities will require an additional USD 150 billion. The plan includes creating clear standards to support these initiatives.
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