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India is preparing to challenge the EU's Carbon Border Adjustment Mechanism (CBAM), which requires non-EU steel companies to report emissions, at the World Trade Organisation. There are strong arguments for discussing this matter at the WTO. The only significant steel producer seeing strong growth is India, which saw an 8.5% gain in the first four months of 2024 over the same period the previous year.
India's steel produces a lot of carbon emissions. With an emission intensity of 2.55 t of CO2 per tonne of crude steel, the sector contributes almost 12% of India's CO2 emissions, which is higher than the 1.85 tCO2/tcs global average. Decarbonisation is critical for India to accomplish its climate commitments while also expanding its export market. The steel ministry started developing a green steel policy earlier this year.
A task force has been set up to explore using biomass as an alternative in blast furnaces to reduce emissions. The ministry is also betting big on green hydrogen, but that's for post-2030. Major steel producers have decarbonisation plans, but these rely on developing technologies such as carbon capture, utilisation, storage, and green hydrogen.
Meanwhile, new capacity, primarily carbon-intensive, is being added to achieve the 300 MT goal by 2030. These could become stranded assets. GoI must nudge the industry to go green.
India has additional options, such as a green steel procurement policy and targets to encourage market creation and demand aggregation, supporting R&D to advance breakthrough tech and solutions, promoting alternative emissions mitigation actions, and framing mechanisms and frameworks for financing the transition, including mandatory compliance with carbon emissions trading. All these measures could ensure a fit-for-purpose steel sector.
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