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Jul 04, 2022 - BY Admin

How is India planning to decarbonise the steel industry

India is currently the world’s second largest steel producer. The 2017 National Steel Policy of India set out the ambition to treble production capacity by 2030. Various analysis shows potential for a multi-fold increase in steel consumption by 2050. Production of steel in India is set to increase significantly over the next few decades, to meet the increasing domestic and international demand.If we want to limit global warming to between 1.5 and 2 degrees, we will have to make ambitious steps towards net-zero carbon emissions within the next 10 to 20 years. Meeting this challenge will require re-inventing almost all sectors of our modern life. During the recently concluded COP 26 at Glasgow, India committed to become net-zero by 2070. Approx 7% of greenhouse gas (GHG) emissions come from the steel sector with every ton of steel produced normally emits on average 1.85 tons of carbon dioxide. The steel sector has to play a significant role in achieving this commitment. Although critical for economic growth, the iron and steel sector is energy- and resource-intensive. Rapid growth of Indian steel demand will have significant energy, environmental, resource and economic consequences. Today, the iron and steel sector is already the largest industrial sector in terms of energy consumption. Accordingly the development and adoption of energy-efficient and latest technological innovations in steel manufacturing are extremely critical. --Economictimes