In a move to combat climate change, the Indian government is set to launch a Rs 15,000 crore “Green Steel Mission” aimed at reducing carbon emissions from the steel Industry, currently accounting for 10-12% of India’s total emissions, says reports.
The initiative is inclusive of a Production Linked Incentive (PLI) for Green Steel, renewable energy incentives, and a mandate for government bodies to purchase green steel.
Production Linked Incentive (PLI) scheme is for speciality steel to reduce reliance on imports. Under the scheme, companies have invested ₹27,106 crore and committed to producing 7.90 million tonnes of steel.
By October 2024, companies already invested Rs 17,581 crore, generating over 8,660 jobs
India, despite having abundant iron ore and non-coking coal reserves, has increased its reliance on imported coking coal, primarily from Australia. Recently, Russia’s share in India’s coking coal imports has been steadily rising.