India will need to invest approximately $283 billion to decarbonise its current domestic steel production, according to a comprehensive strategy developed by the steel ministry. The plan highlights the importance of defining ‘green steel’ and leveraging Energy Efficiency Revolving Funds (EERF) as part of the nation’s decarbonisation efforts.
A key focus of the strategy is increasing the share of renewable energy in the steel sector from 7.2% in fiscal year 2021-22 to 43% by 2029-30.
To further promote the shift, incentives such as tax reductions on green steel production could be implemented. The roadmap for greening India’s steel industry outlines that current steel plants will need an estimated $283 billion in investments to transition to green operations.
As reported by manufacturingtodayindia.com, additionally, process transitions are projected to cost around $150 billion, while upgrading existing small steel mills with the best available technologies is estimated to require over $13 billion.
