In a forward-looking address, Prime Minister Narendra Modi proclaimed carbon capture technology as the vital force propelling India’s steel industry into a new era of green innovation. Delivered amid discussions on the nation’s path to net-zero by 2070, his words resonate with the urgency of balancing explosive growth and ecological responsibility.
The steel sector’s impressive trajectory—second globally with 152 million tonnes produced in FY 2024-25—faces headwinds from its high carbon footprint. Coal-fired processes dominate, accounting for a significant slice of India’s emissions. Yet, projections to triple output by 2030-31 and hit 500 million tonnes by 2047 demand a greener blueprint.
Referencing Steel Minister H.D. Kumaraswamy’s analysis, Modi spotlighted key initiatives. The ‘Green Steel Taxonomy’ sets benchmarks for low-carbon steel, rewarding superior products with star ratings. Green hydrogen integration, backed by Rs 455 crore from the National Green Hydrogen Mission, heralds a cleaner production paradigm.
The budget’s Rs 20,000 crore infusion for CCUS pilots across sectors like steel marks a strategic pivot. This technology captures CO2 at the source, enabling utilization or storage, thus curbing emissions without halting operations at aging plants. For India, where steel facilities will operate for decades, CCUS ensures longevity and competitiveness.
Modi’s vision weaves these threads into a tapestry of ‘Viksit Bharat.’ By fostering low-carbon steel, India not only combats climate change but cements its economic prowess on the world stage, turning environmental imperatives into opportunities for leadership.