New Delhi, Apr 26 (KNN) In a significant move towards sustainable industrial practices, the Indian government is set to introduce a range of incentives aimed at promoting the production of green steel. 

This initiative aligns with India’s broader goal of achieving net-zero carbon emissions by 2070.

Steel Secretary Sandeep Poundrik announced that the government is working on a comprehensive mission to support the domestic steel industry’s decarbonisation efforts. 

“We are trying to do a lot of things to incentivise green steel… including working on a mission where we will try to support the industry for decarbonisation,” Poundrik stated at an industry event.

The proposed incentives will encourage steel manufacturers to adopt renewable energy sources and produce green steel, defined by the government as steel emitting less than 2.2 tonnes of carbon dioxide per tonne of finished product.

Additionally, the government is considering mandating a certain percentage of green steel usage in state-funded infrastructure projects, further driving demand for environmentally friendly steel.

To support these initiatives financially, the steel ministry has sought a budget allocation of Rs 150 billion (approximately USD 1.74 billion) for the fiscal year 2025-26. 

These funds are intended to provide incentives for emission reductions, bolster research and development, and improve raw material efficiency within the steel sector. 

This strategic approach not only aims to reduce the steel industry’s carbon footprint but also positions India as a proactive player in global efforts to combat climate change. 

By fostering the production and use of green steel, India is taking a significant step towards a more sustainable and environmentally responsible industrial future.

(KNN Bureau)