India-Sweden Partnership for Green Steel

India and Sweden have collaborated for over 75 years, with a focus on sustainable industrial growth. Recently, they launched the India-Sweden Industry Transition Partnership (ITP) at COP28 in Dubai, which aims to accelerate the transformation of heavy industries, particularly steel and cement.

Objectives of the ITP

The ITP seeks to reduce emissions in heavy industries, which promotes innovation and secures funding for key projects. The partnership aims to create market-based solutions for emission reductions.

Importance of Decarbonising Steel

India is the world’s second-largest steel producer. Decarbonizing the steel sector is vital for environmental sustainability. It can attract global investment and position India as a leader in sustainable development.

Methods for Emission Reduction

Two main methods exist for reducing emissions in steel production. The first is transitioning from traditional blast furnaces to hydrogen-based processes. The second involves expanding electric arc furnaces (EAFs) powered by renewable energy. Increasing scrap steel recovery is also essential.

Green hydrogen is currently expensive, which is also a shortage of steel scrap for EAFs. A coordinated approach is necessary for renewable energy and metal recycling. Success hinges on aligning policy, technology, and investment.

Role of Buyers

Industries like automobiles and construction can influence emission reductions. They can choose low-emission steel and improve traceability systems. Their demand for transparency encourages smarter investments in greener steel.

Indian Initiatives for Emission Reduction

Indian steel manufacturers are improving resource efficiency and using renewable energy. They are also optimising processes to reduce emissions. Some companies have initiated pilot projects aimed at net-zero emissions.

Government Support and Roadmap

The Government of India promotes renewable energy and green hydrogen. The steel ministry’s green steel roadmap includes public procurement of low-emission steel. It also offers incentives for recycling and improved financing access.

Global Coalitions and Future Prospects

LeadIT and other coalitions set standards for low-emission steel. They provide pathways for India to meet global climate goals. Investments in clean energy for the steel industry could unlock substantial economic benefits.

Sweden and India are assessing the ITP’s progress in steel and cement sectors. This partnership puts stress on the importance of global cooperation in addressing climate challenges.

Important Facts for Exams:

1. ITP – The India-Sweden Industry Transition Partnership focuses on transforming heavy industries. It promotes innovation and funding, aiming for important emission reductions in steel and cement sectors.
2. LeadIT – The Leadership Group for Industry Transition unites countries and companies. It seeks to reduce emissions in heavy industries and provides frameworks for sustainable industrial practices globally.
3. Green Hydrogen (GH) – Green hydrogen is crucial for decarbonising steel production. Although promising, it remains expensive and faces challenges like limited availability of steel scrap for electric arc furnaces.

Month: Current Affairs - November, 2024

Category: Environment Current Affairs