Union Minister for Steel & Heavy Industries, Shri H D Kumaraswamy, will launch India’s Green Steel Taxonomy at an event on December 12, 2024, at Vigyan Bhawan, New Delhi. The event will be attended by Shri Bhupathi Raju Srinivasa Varma, Minister of State for Steel and Heavy Industries, along with senior officials from the Ministry of Steel, representatives from other key ministries, public sector enterprises, steel industry stakeholders, think tanks, academic leaders, and foreign missions.
The Green Steel Taxonomy has been developed as part of India’s commitment to achieving its net-zero emissions target by 2070. The Ministry of Steel has been working on several initiatives to reduce carbon emissions from the steel sector, and this new framework is a significant step in that direction.
The Taxonomy aims to create a standardized approach for promoting low-carbon technologies in steel production, offering a roadmap for decarbonizing the sector. It is also seen as a crucial step towards developing a policy framework that will create demand for green steel products, thus encouraging investment in sustainable technologies.
While a globally accepted definition of green steel remains elusive, India is the first country to introduce a formal taxonomy in this regard, marking a pioneering move in the steel industry’s decarbonisation efforts. The Green Steel Taxonomy will serve as a guide for creating a just and equitable framework for decarbonisation across various steel production pathways.
A key component of the framework will be the establishment of monitoring, reporting, and verification (MRV) processes, alongside green steel certification and registry mechanisms. This infrastructure is vital to ensure cost-effective decarbonisation and promote the widespread adoption of green technologies within the sector.
The Green Steel Taxonomy will also act as a foundational tool for developing a green steel market in India, driving investment in eco-friendly technologies. This, in turn, is expected to foster innovation, bolster India’s global standing in industrial decarbonisation, and support the country’s transition to a sustainable, low-carbon steel industry.
(Source: PIB)
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