The concept of green steel promotes the production of steel using green energy sources and minimizing the usage of fossil fuels. File (representational image)

Green steel will play an important role in reshaping the future of the industry as the world moves towards a low-carbon economy, the Economic Survey for 2023-24 said.

The concept of green steel promotes the production of steel using green energy sources and minimizing the usage of fossil fuels.

Also Read:Economic Survey 2023-24 LIVE updates

“As the world moves towards a low-carbon economy, green steel is poised to play a pivotal role in reshaping the future of the steel industry,” said the Survey tabled in Parliament on July 22.

“India’s steel sector accounts for 12% of India’s greenhouse gas emissions with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel compared to the global average of 1.9 tonnes of CO2 per tonne of crude steel,” it said.

The Survey also said, “India remained a net importer of steel during the first, second and third quarters of FY24 because of price differentials between international and domestic prices of finished steel.”

“Low prices in the international markets led to reduced profit margins for exports and made imports more affordable, affecting the trade balance in the steel sector,” it said.

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“The import dependence on coking coal, an essential raw material for steel production also went up from 56.1 MT in FY23 to 58.1 MT in FY24,” the Survey said.

The Survey also highlighted that many technologies required for global net zero are commercially unavailable, such as hydrogen-fuelled steel/cement, steel and aluminium production with (Carbon Capture, Utilization, and Storage) CCUS, etc.

“There is a need to enhance international cooperation in R&D, especially in the domains of distributed RE, offshore wind, geothermal, tidal energy, biofuels, compressed biogas, green hydrogen, energy storage, electrolysers, and nuclear power [including small modular reactors SMR],” it said.

New Delhi:

With just hours left for the G20 Summit to begin, climate change is already turning to be a contentious point among the leaders, sources said. The group has been divided on commitments to phasing down fossil-fuel use, increasing renewable energy targets and reducing greenhouse gas emissions.

China and Saudi Arabia are opposing drastic steps for phasing out fossil fuels.

G20 sherpas or negotiators have made progress on several issues but the main point sticking point is the language in the leaders’ declaration on climate change.

The other issue that is expected to be a major talking point during the two-day Summit is Russia’s attack on Ukraine.

New Delhi:

With just hours left for the G20 Summit to begin, climate change is already turning to be a contentious point among the leaders, sources said. The group has been divided on commitments to phasing down fossil-fuel use, increasing renewable energy targets and reducing greenhouse gas emissions.

China and Saudi Arabia are opposing drastic steps for phasing out fossil fuels.

G20 sherpas or negotiators have made progress on several issues but the main point sticking point is the language in the leaders’ declaration on climate change.

Three key climate issues will be on the table in New Delhi: a push to triple global renewable energy capacity by 2030; weaning economies off fossil fuels — particularly coal; and finance for the green transition in developing countries.

In July, G20 energy ministers failed to even mention coal in their final statement, let alone agree a phase down roadmap, and there was no progress on the renewables goal.

The other issue that is expected to be a major talking point during the two-day Summit is Russia’s attack on Ukraine.