Economic Survey 2023-24: Green steel to play vital role in global low-carbon economy

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Economic Survey 2023-24: Green steel to play vital role in global low-carbon economy

Energy 23 Jul 2024 02:49 PM IST The Hindu BusinessLine

Green steel will play a major role in redefining the industry's future as the globe transitions to a low-carbon economy, according to the Economic Survey for 2023-24. The idea behind "green steel" is to minimise the use of fossil fuels in steel production by utilising renewable energy sources.

"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," said the Survey tabled in Parliament on July 22. “India’s steel sector accounts for 12% of India’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 of CO2 per tonne of crude steel,” it said.

The Survey further stated that "prices differences between domestic and international finished steel kept India a net importer of steel during the first, second, and third quarters of FY24." "Low prices in the international markets led to reduced profit margins for exports and made imports more affordable, affecting the trade balance in the steel sector," it said. "The import dependence on coking coal, an essential raw material for steel production also went up from 56.1 MT in FY23 to 58.1 MT in FY24," the Survey reported.

The Survey also highlighted that many technologies for worldwide net zero are commercially unavailable, such as hydrogen-fueled steel/cement, steel and aluminium manufacturing with (Carbon Capture, Utilisation, and Storage) CCUS, etc. "There is a need to enhance international cooperation in R&D, especially in the domains of distributed RE, offshore wind, geothermal, tidal energy, biofuels, compressed biogas, green hydrogen, energy storage, electrolysers, and nuclear power [including small modular reactors SMR]," it said.

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Economic Survey 2023-24: Green steel to play vital role in global low-carbon economy

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