Government Unveils Rs 5,000 Crore Clean Steel Initiative

The Indian government plans a Rs 5,000 crore initiative to encourage the adoption of clean steel-making technologies, targeting reduced carbon emissions. The scheme, mainly benefiting secondary steelmakers, aims to promote sustainable practices in the industry, aligning with India's commitment to the Paris Agreement.

The Indian government is preparing to launch an ambitious Rs 5,000 crore scheme aimed at promoting environmentally friendly steel production methods, in an effort to curb carbon emissions, said Steel Secretary Sandeep Poundrik on Wednesday.

Speaking at the 'FT Live Energy Transition Summit India,' Poundrik elaborated that the 'National Mission for Sustainable Steel' will allocate 75-80% of its funds to secondary steel producers, to incentivize lower emissions through cleaner technology.

This initiative is timely, as India pushes towards becoming a net-zero nation under the Paris Agreement, while the steel industry, a significant greenhouse gas contributor, accounts for 12% of the country's emissions.