
Summary:
The Centre intends to launch a green steel mission by the end of 2024 to promote sustainable steel manufacturing in India. This initiative, inspired by the National Green Hydrogen Mission, aims to incentivize industry stakeholders to increase green steel output amid global pressure to reduce carbon footprints. The European Union's proposed 25% 'carbon tax' on steel and aluminum imports underscores the urgency, with a formal definition of green steel expected by October to facilitate implementation.
To support the transition to green steel production, the government is considering reallocating approximately US$ 357.4 million (Rs. 3,000 crore) in unspent funds from the previous ProductionLinked Incentive (PLI) scheme for specialty steel, subject to necessary approvals. With rising steel demand driven by robust economic growth, the government is reviewing the National Steel Policy of 2017. The Steel Scrap Policy, implemented in 2019, aims to enhance green steel capacity while addressing challenges in the unorganized sector's steel recycling efforts.
Source: IBEF
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