By TIOL News Service

NEW DELHI, DEC 12, 2024: UNION Minister of Steel & Heavy Industries H D Kumaraswamy will unveil the Taxonomy of Green Steel? for India in an event scheduled to be held at Hall no 5, Vigyan Bhawan in New Delhi tomorrow (on 12 th December 2024). The event will be attended by Bhupathi Raju Srinivasa Varma, Minister of State for Steel and Heavy Industries along with officers from the Ministry of Steel, representatives from other concerned Ministries, CPSEs, Steel industry players, Think Tanks, Academia and Foreign Missions in India.

To align with the country's net-zero target by 2070, the Ministry of Steel has taken various key initiatives to reduce carbon emissions from the steel industry. Following this, Taxonomy of Green Steel has been developed after extensive consultations with the stakeholders. 

Green Steel Taxonomy is a crucial step towards transforming India's steel industry into a more sustainable, low-carbon sector by defining a clear framework for promoting the adoption of green technologies in steel production. It is a prerequisite for developing a coherent policy for decarbonising the sector and creating demand for products with green attributes. Globally, there is no commonly accepted definition of green steel yet, though multiple organisations and various countries are working on it. India is the first nation to take initiative in this direction.

Within India, developing a just and fair definition will incentivise incremental decarbonisation across various production pathways and creating an ecosystem equipped with monitoring, reporting and verification (MRV), green steel certification and registry would be critical to ensure cost-effective decarbonisation of the sector.

The taxonomy will also serve as a foundational tool for the development of green steel market, driving investments in green technologies, paving the way for a robust ecosystem of green innovation and thus enhancing India's role in the global industrial decarbonisation landscape.