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Finance Ministry calls for cheaper energy to support green steel initiatives.
Seeks to make environmentally friendly steel competitively priced in domestic and international markets.
Aligns with India's decarbonization plan and 2070 net-zero target.
India's Finance Ministry has apparently been pushing for cheaper energy prices to make the production of green steel cost-effective in the country, official sources said. The move is in the backdrop of policy debates in decarbonizing the steel industry that is a major contributor to India's industrial carbon footprint.
Green steel, made with renewable power and low-carbon technologies such as hydrogen-based reduction, is presently operating at a cost disadvantage because of high power tariffs. Authorities say reducing power prices or providing green steelmakers with preferential tariffs would increase take-up rates and enable the environmentally friendly product to compete more effectively with traditional steel.
The suggestion is as part of a broader move by the central government to work on a national policy for green hydrogen and green steel, in line with India's ambitious net zero target of 2070. The Ministry has proposed that in addition to direct fiscal incentives, providing access to cheap renewable energy for steel plants could speed up the shift towards cleaner production processes.
Industry associations have endorsed the proposal, saying that it would assist in lowering operating expenses and make Indian green steel competitive globally as demand for low-carbon commodities increases internationally.
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