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It highlighted the significant impact of green technologies on India's steel industry, says Ashwini Kumar, Economic Advisor to the Ministry of Steel. In a recent statement, Kumar asserted that the sector is on the cusp of a major transformation driven by sustainability initiatives.
He pointed out that adopting advanced green technologies, such as electric arc furnaces and hydrogen-based steelmaking, could drastically reduce carbon emissions and enhance energy efficiency. This shift aligns with global climate agreements and positions India as a leader in low-carbon steel production.
Kumar emphasized the dual benefits of this transition: environmental improvement and significant potential economic gains. By embracing these technologies, the steel industry could mitigate future carbon tariffs and tap into new market opportunities, a prospect that should not be overlooked by policymakers and industry professionals.
The Indian government's unwavering support for this green shift is evident through initiatives such as the National Steel Policy 2024. This policy includes financial incentives for sustainable practices and a Green Steel Fund to boost research and development, demonstrating the government's commitment to the transition.
Industry responses have been favourable, with major companies like Tata Steel and JSW Steel already investing in green technologies. However, Kumar acknowledged challenges, including high initial costs and the need for specialized skills, which will require collaborative efforts to overcome.
Overall, Kumar's insights underscore the pivotal role of the green transition in revolutionizing India’s steel industry and driving its future growth.
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