Mumbai: India’s steel industry is set to more than triple its carbon footprint by 2050 as demand for the metal in the world’s second-biggest producer soars.
Carbon dioxide emissions from the steel industry are projected to jump to 837 million tons over the next three decades from 242 million tons now as India’s demand for steel more than quadruples to about 490 million tons, The Energy and Resources Institute said in a report. It will also contribute more than a third of the nation’s total fossil fuel combustion emissions from 12% currently.
India currently has 977 steel plants and is one of the few brights spots for demand globally as Prime Minister Narendra Modi’s administration rolls out a plan to spend about $1.5 trillion to upgrade and build infrastructure over the next five years. Steel is the biggest carbon dioxide emitter among Indian industries.
“If India is serious about mitigating carbon dioxide emissions to prevent the worst effects of climate change, then serious action needs to be taken in the iron and steel sector,” Will Hall, associate fellow at TERI, said in an emailed reply to Bloomberg. “While there has been great success in the electricity sector with the growth of wind and solar, action in heavy industry, like iron and steel, will be more challenging.”
In the near-term, mills should maximize the use of domestic scrap steel, improve energy efficiency and establish pilot plants to test emerging low carbon technologies, Hall said.
In addition, introducing a penalty for emissions in the steel sector from 2030 onward would send a clear signal to the industry to start planning for deeper decarbonization technologies, according to TERI. Substitution of coal or natural gas as a reducing agent with hydrogen would also allow India to reduce its import dependency while cutting emissions, it said.-Bloomberg
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The People of this nation,might also note, that the private sector steel units (besides 1 unit),are all owned and controlled by Marwaris – and all the NPA and Frauds in the steel sector with bankers,STC,MSTC.MMTC are IN UNITS , owned and controlled by Marwaris.dindooohindoo
• The Steel units have defrauded banks and STC,MSTC and MMTC of billions of dollars,by using these PSUs as financiers for their operations and then stealing the cargos and not making payments – with no recoveries to date
• The fact is that the Marwaris follow obsolete and fraudulent business practices, which are redundant in the global markets,and they have, thus,circumvented the Indian steel policy and laws, to secure and safeguard their interests – by managing supplicant polictians
• The steel units have been set up,based on frauds perpetrated on the Indian banking sector – and which were then, subject to CDR and OTS
THE PEOPLE OF THIS COUNTRY NEED TO CAREFULLY REVIEW THE STEEL POLICIES OF THE INDIAN STATE – WHICH CANNOT BE LEFT TO THE MACHINATIONS OF THE PARLIAMENT, OR THE SKILLS THE BUREAUCRATS – AS THE POLITICAL PARTIES HAVE LEGAL LUMINARIES,WHO WERE LEGAL COUNSELS FOR ALL THE LARGE STEEL UNITS IN INDIA – AND CANNOT BE RELIED UPON,W/O SCRUTINY , AND THE BUREAUCRATS ARE NOT SPECIALISTS AND THERE ARE SEVERAL CASES OF BUREAUCRATS AND THEIR RELATIVES,EMPLOYED WITH STEEL UNITS OR THEIR ASSOCIATES
• THE STEEL COMPANIES HAVE IN THE PAST , STIFLED THE GROWTH OF STEEL AND ORE PSUs, BY CHANGING THE STEEL POLICIES , CHANGING FUNDING FOR EXPANSIONS, AND EVEN,PLACING KEY PERSONNEL IN THE SAID UNITS – TO BANKRUPT THE STEEL PSUs,AND THEN, ACQUIRE THE SAID PSUs AT THROWAWAY RATES
• IF A STEEL COMPANY REQUIRES THE STATE TO INVEST IN PORTS,RAILS,RAKES,MINING INFRASTRUCTURE AND STILL NEEDS IMPORT PROTECTION – THEN WHY SHOULD THE STEEL INDUSTRY BE IN THE PRIVATE SECTOR ?
o OR AT THE MINIMUM,WHY DOES THE STEEL INDUSTRY NEED IMPORT DUTY PROTECTION ?
o IF FOREIGN STEEL UNITS WANT TO DUMP LOW COST STEEL DRIVEN BY HIGHER EFFICIENCIES,LOWER POWER COST,FX OR TAX SUBSIDIES,LOW INTEREST COSTS ETC – THEN WHY SHOULD THE DOWNSTREAM STEEL USERS,NOT AVAIL OF THAT BENEFIT – CONSIDERING THEIR PRECARIOUS FINANCIAL STATE, AND THEIR OWN LACK OF PROTECTION,FROM IMPORT OR FOREIGN COMPETTITION
o IN THE CASE OF IMPORTED STEEL – ALL THE POISON AND POLLUTION OF MINING AND PRODUCTION IS RESIDENT IN THE EXPORTING NATION – AND HOW DOES THAT HARM INDIAN OR PUBLIC INTEREST
o IN POWER STARVED INDUSTRIES – IMPORTED STEEL, SAVES GIGAWATTS OF POWER ,WHICH WOULD HAVE BEEN USED IN THE STEEL MANUFACTURING,IN THE NORMAL COURSE – AND HOW DOES THAT HARM INDIAN OR PUBLIC INTEREST
• HOW DO THE MILLIONS OF PEOPLE EMPLOYED IN THE DOWNSTREAM STEEL SECTOR ,AS ALSO THE MANUFACTURING UNITS GET A REPRESENTATION IN THE GOVTT POLICY, AND WHAT IS THE GOVT CALCULATION OF THE SOCIAL AND ECONOMIC GAINS TO THE NATION – IN ALTERNATIVE STEEL POLICIES ?
o WHY SHOULD THE GOVT CALCULATIONS AND ASSESSMENT NOT BE IN THE PUBLIC DOMAIN ?
o WHO HAS APPRAISED THE SAID CALCULATIONS AND ASSESSMENT OF THE GOVTT ?
o STEEL IS A COMMODITY AND THE DOWNSTREAM USERS,MAKE GOODS AND PRODUCTS WHICH ARE EXPORTED AND USED BY A BILLION INDIANS – ON A DAY TO DAY BASIS
• THE STEEL SECTORS MINING ACTIVTIES ARE A SOURCE OF GENERATING LARGE AMOUNTS OF CASH – WHICH ARE USED TO NAVIGATE AND MANAGE POLITICAL PARTIES,AND THUS,GOVERNMENT POLICIES ON STEEL,MINING AND PORT AND STEEL INFRASTRUCTURE – BESIDES CDRs ON STEEL DEBT
o THE DOWNSTREAM STEEL USERS HAVE NO MEANS TO GENERATE CASH AND DO NOT HAVE THE FINANCIALS TO NAVIGATE THE POLITICAL APPARATUS
• GIVEN THE RAW MATERIAL TO SALES RATIO OF A STEEL UNIT,STEEL EXPORT IS EXPORT OF ORES AND POWER – THEN WHY DOES THE STEEL SECTOR TAKE EXTRAORDINARY EFFORTS,TO BAN ORE EXPORTS ON DUBIOUS REASONS ?
o THE STEEL POLICY OF THE GOI, IS AN INDIRECT CDR AND DEBT WRITE OFF, BY LOWERING INPUT COSTS (BY BANNING ORE EXPORTS),ASSURING NSR (BY IMPORT PROTECTION), AND THUS,MAKING A SICK STEEL UNIT VIABLE, TO REPAY THE BANK LOANS – WHEN THE BANK LOANS WERE IN THE 1ST PLACE OBTAINED BY FRAUD
IF THE BANK HAD DONE THE CDR – IT WOULD BE IN THE PUBLIC DOMAIN AND WOULD BE RAISED IN THE MEDIA – AND WOULD HAVE REQUIRED BOARD APPROVAL BY THE BANKERS
o WHO IS PAYING FOR THE ABOVE SCHEME ?
A BILLION INDIANS WHO ARE PAYING HIGHER DIRECT AND INDIRECT STEEL RATES
100S OF MILLIONS OF INDIANS EMPLOYED IN DOWNSTREAM STEEL UNITS
o THE PROFITS EARNED BY THE STEEL UNITS IN INDIA (WHICH ARE AS ASSURED MONOPOLY PROFIT),ARE INVESTED IN DOWNSTREAM STEEL USERS O/S INDIA – WHO IN TURN, COMPETE WITH INDIAN DOWNSTREAM STEEL USERS ! IS THIS NOT A SCAM ?
o ANOTHER TOOL USED BY THE STATE TO PROVIDE INDIRECT CDR TO STEEL UNITS,IS TO SPEND BILLIONS OF USD ON INFRASTRUCTURE,WHICH WILL FLOW TO STEEL,CEMENT AND POWER UNITS – AND THEN, BE USED TO PAY OFF BANK LOANS
HOWEVER,WHY DOES THE STEEL UNT NEED IMPORT PROTECTION,IF THERE IS AN ASSURED BUYER WITH NO CREDIT DEFAULT RISK, AND WHY SHOULD THE DOWNSTREAM STEEL USERS NOT BE ABLE TO IMPORT STEEL , AT THE LOWEST COSTS
• WHY SHOULD THE ABOVE INFORMATION NOT BE IN THE PUBLIC DOMAIN