Business News | India Unveils Green Steel Taxonomy to Propel Sustainable Industrial Growth
Get latest articles and stories on Business at LatestLY. The initiative signifies a major step toward aligning one of India's most vital industries with global sustainability goals. The event witnessed the presence of prominent dignitaries, including Minister of State for Steel and Heavy Industries, Bhupathi Raju Srinivasa Varma, Steel Secretary Sandeep Poundrik, and SAIL Chairman Amarendu Prakash.
New Delhi [India], December 12 (ANI): Union Minister for Steel and Heavy Industries, HD Kumaraswamy, launched India's Green Steel Taxonomy at Vigyan Bhavan on Thursday.
This landmark framework aims to revolutionize the steel industry by decarbonizing production processes and promoting environmentally responsible practices.
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The initiative signifies a major step toward aligning one of India's most vital industries with global sustainability goals. The event witnessed the presence of prominent dignitaries, including Minister of State for Steel and Heavy Industries, Bhupathi Raju Srinivasa Varma, Steel Secretary Sandeep Poundrik, and SAIL Chairman Amarendu Prakash.
Together, they reiterated the government's commitment to fostering sustainable practices in the steel sector, highlighting its pivotal role in India's development journey.
Union Minister Kumaraswamy emphasized the urgency of transforming the steel industry, noting that it accounts for 7 per cent of global carbon dioxide emissions.
He lauded Prime Minister Narendra Modi's vision for a sustainable future, underscoring the critical balance between industrial progress and environmental responsibility.
"Under the able leadership of Hon'ble Prime Minister Narendra Modi, India's steel sector is poised to lead the global transition to sustainable practices while maintaining its growth trajectory," he stated.
The Green Steel Taxonomy provides a comprehensive framework to drive sustainability across the sector. It serves as a blueprint for adopting advanced technologies, encouraging recycling, and fostering innovation in sustainable practices.
At the heart of this initiative is the National Mission on Green Steel, which outlines three key priorities. First, the mission promotes green technologies such as hydrogen-based steel production and carbon capture solutions to minimize emissions.
Second, it focuses on recycling and circularity by maximizing the use of scrap steel, reducing the dependence on primary raw materials.
Third, it emphasizes driving innovation through research and development (R&D) to pioneer sustainable steel production methods.
The taxonomy is expected to align India's steel industry with global best practices while meeting the commitments under the Paris Agreement.
It provides a roadmap for stakeholders to adopt environmentally responsible methods without compromising the sector's competitiveness.
Kumaraswamy expressed his gratitude to steel producers, policymakers, and environmental experts for their collaborative efforts in crafting the Green Steel Taxonomy.
He stressed the importance of joint action to achieve the ambitious goals set by the National Mission on Green Steel. "With the support of all stakeholders, India will emerge as a global leader in green steel production," he declared. (ANI)
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