Steel decarbonisation in India
A clear definition of green steel is crucial for steelmakers to start investing in the right technologies, this new joint report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics finds. The report also provides various policy recommendations for the government to lay a strong foundation for decarbonising India’s steel sector. In India, the steel industry contributes to around 2% of the Gross Domestic Product (GDP) and is critical to the country’s progress. In the fiscal year (FY) 2023, the production of finished steel in India was 122.3 million tonnes, an increase of about 7.6% over the previous year.