New Delhi: In a significant move towards achieving its net-zero target by 2070, India will unveil its Taxonomy of Green Steel tomorrow, December 12, 2024. Union Minister of Steel & Heavy Industries, Shri H D Kumaraswamy, will launch the taxonomy at an event at Vigyan Bhawan in New Delhi, a PIB press release stated.
The event will be attended by key figures including Shri Bhupathi Raju Srinivasa Varma, Minister of State for Steel and Heavy Industries, along with representatives from various ministries, steel industry stakeholders, think tanks, academia, and foreign missions.
Developed after extensive consultations with stakeholders, the Taxonomy of Green Steel aims to establish a clear framework for promoting the adoption of green technologies in steel production. This initiative makes India the first country to develop a comprehensive definition of green steel, a crucial step in the global effort to decarbonize the steel industry.
The taxonomy is crucial for creating a coherent policy framework to decarbonize the steel sector and stimulate demand for green steel products. It will also serve as a foundational tool for developing a green steel market, attracting investments in green technologies, and fostering innovation.
The Ministry of Steel emphasizes that a just and fair definition of green steel within India will encourage incremental decarbonization across various production pathways. Additionally, establishing a robust ecosystem for monitoring, reporting, verification (MRV), green steel certification, and registry is vital for ensuring cost-effective decarbonization of the sector.
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