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.

Next Story
Real Estate

Pune Records 11% Drop in Property Registrations in Nov

Property registrations in Pune saw a decline of 11 percent year-on-year in November, totaling 13,371 units, despite robust demand, according to a report by Knight Frank India. The real estate consultancy revealed that the total registrations in November 2024 generated a revenue of Rs 475 crore for the state. This marked a fall from last year's figure of 14,988 units in the same month. Compared to October 2024, when 20,894 units were registered, November’s figures represent a 36 percent decrease. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated that Pune’s proper..

Next Story
Infrastructure Energy

Oriana Power Signs MoU with Rajasthan in Clean Energy

Oriana Power, a publicly-listed company on the NSE, announced on Monday that it has entered into a Memorandum of Understanding (MoU) with the Rajasthan government to invest Rs 10,000 crore in a series of clean energy projects. The projects will focus on solar energy, floating solar, green hydrogen, and energy storage solutions. The agreement was finalized in Jaipur during the recently concluded Rising Rajasthan Global Summit 2024. Oriana Power has identified six key locations in the state for these projects, including one in Bikaner, two in Churu, and three in Phalodi districts. Rupal Gupta, M..

Next Story
Infrastructure Energy

PM Surya Ghar Scheme Set to Surpass 10 Years of Solar Growth

The PM Surya Ghar Muft Bijli Yojana has achieved a remarkable milestone, surpassing 6.85 lakh solar installations within a year and poised to exceed a decade's worth of solar growth. The scheme, launched in February 2024, has already achieved 86 percent of the solar installations made in the last ten years. The 3-5 kW segment accounted for the majority of installations, at 77 percent, while 14 percent of installations were in the 5kW+ category. Gujarat led the charge with 2,86,545 installations, followed by Maharashtra with 1,26,344, Uttar Pradesh with 53,423, and Kerala. The scheme, which now..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000