+
Green Steel: Key to India's Low-Carbon Future
Steel

Green Steel: Key to India's Low-Carbon Future

Green steel will play an important role in reshaping the future of the steel industry as the world moves towards a low-carbon economy, according to the Economic Survey for 2023-24. The concept of green steel promotes the production of steel using green energy sources and minimizing the usage of fossil fuels.

"As the world moves towards a low-carbon economy, green steel is poised to play a pivotal role in reshaping the future of the steel industry," the Survey stated, which was tabled in Parliament.

India's steel sector accounts for 12 percent of the nation's greenhouse gas emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel, compared to the global average of 1.9 tonnes. This high emission intensity underscores the need for green steel initiatives.

The Survey also noted that India remained a net importer of steel during the first three quarters of FY24 due to price differentials between international and domestic prices of finished steel. Low international prices reduced profit margins for exports and made imports more affordable, affecting the trade balance in the steel sector.

Additionally, the import dependence on coking coal, an essential raw material for steel production, increased from 56.1 MT in FY23 to 58.1 MT in FY24.

The Survey highlighted that many technologies required for achieving global net zero are commercially unavailable, such as hydrogen-fuelled steel, steel and aluminium production with Carbon Capture, Utilization, and Storage (CCUS).

"There is a need to enhance international cooperation in R&D, especially in the domains of distributed renewable energy, offshore wind, geothermal, tidal energy, biofuels, compressed biogas, green hydrogen, energy storage, electrolysers, and nuclear power, including small modular reactors (SMRs)," the Survey recommended.

The push for green steel and enhanced R&D cooperation is crucial for India's transition to a low-carbon economy and reducing its reliance on imported materials and technologies.

Green steel will play an important role in reshaping the future of the steel industry as the world moves towards a low-carbon economy, according to the Economic Survey for 2023-24. The concept of green steel promotes the production of steel using green energy sources and minimizing the usage of fossil fuels. As the world moves towards a low-carbon economy, green steel is poised to play a pivotal role in reshaping the future of the steel industry, the Survey stated, which was tabled in Parliament. India's steel sector accounts for 12 percent of the nation's greenhouse gas emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel, compared to the global average of 1.9 tonnes. This high emission intensity underscores the need for green steel initiatives. The Survey also noted that India remained a net importer of steel during the first three quarters of FY24 due to price differentials between international and domestic prices of finished steel. Low international prices reduced profit margins for exports and made imports more affordable, affecting the trade balance in the steel sector. Additionally, the import dependence on coking coal, an essential raw material for steel production, increased from 56.1 MT in FY23 to 58.1 MT in FY24. The Survey highlighted that many technologies required for achieving global net zero are commercially unavailable, such as hydrogen-fuelled steel, steel and aluminium production with Carbon Capture, Utilization, and Storage (CCUS). There is a need to enhance international cooperation in R&D, especially in the domains of distributed renewable energy, offshore wind, geothermal, tidal energy, biofuels, compressed biogas, green hydrogen, energy storage, electrolysers, and nuclear power, including small modular reactors (SMRs), the Survey recommended. The push for green steel and enhanced R&D cooperation is crucial for India's transition to a low-carbon economy and reducing its reliance on imported materials and technologies.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code