Industry Leaders Call for Support in Transitioning to Lower-Emission Steel Production
Representatives from India’s steel industry gathered at the “Conclave on Green Steel: India’s Journey towards Low Carbon Steel Manufacturing” on July 5th to discuss challenges and opportunities in decarbonizing steel production. The event, organized by the PHD Chamber of Commerce and Industry (PHDCCI), highlighted the need for government support to achieve India’s net-zero emissions target by 2070.
Key Takeaways
- Steel industry seeks Viability Gap Funding (VGF) and subsidies for green steel production.
- India’s steel consumption is projected to grow 10% annually, requiring increased capacity with lower emissions.
- Experts emphasized transitioning to green steel production using renewable energy sources like green hydrogen and coal gasification.
- Collaboration is needed to define green steel standards, incentivize scrap usage, and promote green infrastructure projects.
- Innovative financing mechanisms are crucial to address the high initial costs of green steel production.
Challenges and Opportunities
The Indian steel industry, a vital sector of the economy, faces the challenge of reducing its significant carbon footprint. Speakers at the conclave acknowledged the need for investment in new technologies and a multi-pronged approach to achieve net-zero emissions.
Call for Government Support
Industry leaders urged the government to provide financial assistance through VGF and subsidies to make green steel production commercially viable. Policy interventions to define green steel standards, promote scrap usage, and mandate green steel in public infrastructure projects were also emphasized.
Green Steel: A Business Opportunity
International experts highlighted the potential of green steel as a significant business opportunity for India. Developing a robust green steel sector could not only reduce emissions but also position India as a leader in sustainable steel exports.
Collaboration for a Greener Future
The conclave brought together key stakeholders from government, industry, and academia to discuss the roadmap for India’s green steel transition. Collaboration in research and development, technology adoption, and innovative financing will be crucial for achieving a sustainable steel sector for India.