Steel industry requires a new approach to lower carbon emissions
POWER & RENEWABLE ENERGY

Steel industry requires a new approach to lower carbon emissions

The Chairman and Managing Director of JSW Steel Limited, Sajjan Jindal, told the media that the steel industry is the biggest contributor to greenhouse gases. It requires a new approach and government support to reduce carbon emissions.

With the best technologies, low-carbon steelmaking companies would be competitive with the conventional method, but the transition period may include high initial costs and Opex costs.

The steel industry accounts for 0.7% of the global economic output and 7% of the total global emissions.

Jindal said that in the COP26 Summit, PM Narendra Modi committed that India would achieve the target of zero emissions by 2070, and the steel industry would play a crucial role in achieving the target.

He said that reducing carbon emissions will require up-gradation of the steel mills, and this initiative would be taken at the industry and policy level.

He added that a new approach is required, which includes using carbon capture, utilisation and storage with the existing fossil fuel-based iron making, using hydrogen as a substitute for carbon and using renewable energy. Global steelmakers and JSW Steel are planning green steel production to meet the net-zero target.

Switching to clan hydrogen is an immediate solution to a net-zero target. Jindal added that while the prices of renewable electricity are falling, the capital costs of setting up new plants and closing the old ones will be a major barrier.

He sought the policy to increase domestic demand and create a level playing field to attract investments. He said that the industry seeks raw material security, including coking coal, and reducing the imports from Australia, US and Canada.

He said that the government has a target to increase the share of the manufacturing sector to 25% by 2025 and achieve a target of 300 million tonnes per annum (mtpa) steel production by 2030.

Joint Managing Director and Chief Financial Officer (CFO) of JSW Group, Seshagiri Rao, demanded access to long-term, low-cost capital to help the steel industry in increasing its capacity.

Rao said that steel should be included in the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to make exports competitive.

Image Source

Also read: Sajjan Jindal asks for joint effort to decarbonise steel production

Also read: Tata Steel joins Sea Cargo Charter as part of sustainability goals

The Chairman and Managing Director of JSW Steel Limited, Sajjan Jindal, told the media that the steel industry is the biggest contributor to greenhouse gases. It requires a new approach and government support to reduce carbon emissions. With the best technologies, low-carbon steelmaking companies would be competitive with the conventional method, but the transition period may include high initial costs and Opex costs. The steel industry accounts for 0.7% of the global economic output and 7% of the total global emissions. Jindal said that in the COP26 Summit, PM Narendra Modi committed that India would achieve the target of zero emissions by 2070, and the steel industry would play a crucial role in achieving the target. He said that reducing carbon emissions will require up-gradation of the steel mills, and this initiative would be taken at the industry and policy level. He added that a new approach is required, which includes using carbon capture, utilisation and storage with the existing fossil fuel-based iron making, using hydrogen as a substitute for carbon and using renewable energy. Global steelmakers and JSW Steel are planning green steel production to meet the net-zero target. Switching to clan hydrogen is an immediate solution to a net-zero target. Jindal added that while the prices of renewable electricity are falling, the capital costs of setting up new plants and closing the old ones will be a major barrier. He sought the policy to increase domestic demand and create a level playing field to attract investments. He said that the industry seeks raw material security, including coking coal, and reducing the imports from Australia, US and Canada. He said that the government has a target to increase the share of the manufacturing sector to 25% by 2025 and achieve a target of 300 million tonnes per annum (mtpa) steel production by 2030. Joint Managing Director and Chief Financial Officer (CFO) of JSW Group, Seshagiri Rao, demanded access to long-term, low-cost capital to help the steel industry in increasing its capacity. Rao said that steel should be included in the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to make exports competitive. Image Source Also read: Sajjan Jindal asks for joint effort to decarbonise steel production Also read: Tata Steel joins Sea Cargo Charter as part of sustainability goals

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