India is formulating a set of incentives to encourage the production of eco-friendly steel
Date:2024-11-04View:79Tags:ss 304 sheet price,stainless steel hot rolled coil,"316L plate"
According to Construction World, the Indian government is crafting a specialized stimulus plan to expedite the production of environmentally sustainable steel within the nation. This package will encompass subsidies for firms investing in green technologies.
Led by the Ministry of Steel, this initiative aims to transition India towards more sustainable industrial processes.
Central elements of the stimulus package involve the promotion of clean hydrogen and renewable energy sources for steel manufacturing, along with offering financial incentives and subsidies to companies embracing green technologies. Furthermore, there are plans to support the implementation of electric arc furnaces.
These measures align with India's broader objectives to reduce carbon emissions. Furthermore, the adoption of environmentally friendly steel production methods utilizing hydrogen and EAF will assist in decreasing the country's reliance on imported coal, both coking and thermal.
Given the rising global demand for green steel, this package empowers Indian manufacturers to stay competitive in international markets that increasingly prioritize low-carbon production.
It is worth noting that the Indian government is set to launch a national "green" steel mission by December this year. A key focus of this mission will involve boosting the presence of low-carbon metal products in public procurement.
As previously highlighted by the Ronsco Center, India's steel industry is estimated to necessitate investments of around $283 billion to decarbonize existing facilities.
