NEW DELHI: In line with the government's COP26 commitments, the Ministry of Steel has asked the stakeholders to develop a time-bound action plan to lower emissions in the steel industry.
According to a ministry document, the iron and steel industry globally accounts for around 8 per cent of total carbon dioxide (CO2) emissions on an annual basis, whereas in India, it contributes 12 per cent to the total CO2 emissions.
Thus, the Indian steel industry needs to reduce its emissions substantially in view of the commitments made at the COP26 climate change conference.
India will meet a target of net zero emissions by 2070, Prime Minister Narendra Modi said at the COP26 global climate summit in November 2021.
In a meeting held recently, Steel Minister Ram Chandra Prasad Singh "urged the stakeholders to develop a time-bound action plan and make concerted efforts for lowering the emissions from the steel industry in line with the commitments made by the Government in COP26".
Discussions were also held on the present scenario, the way forward for promoting the transition towards green steel, various strategies and technologies that can be adopted by the steel industry to produce green steel, and technology readiness levels, among others.
The use of green hydrogen in producing iron and the use of carbon capture utilisation and storage (CCUS) technologies for lowering emissions were also discussed at the meeting.
The ministry said, "R&D project proposals have been in joint collaborative mode from reputed academic institutions, research laboratories and steel companies for the development of new alternate processes and technologies to address the issues faced by the sector (and) providing financial assistance under the R&D Scheme for the Financial Year 2022-23".