By 2030, India aims to be the World’s 3rd largest economy. By ramping up its manufacturing capacity to 300 million tons per annum, India’s steel sector will assume the role of a growth multiplier. However, steel is a highly carbon-intensive sector & contributes ~8% of global CO2 emissions. For India, the sector is responsible for 11% of total emissions or about 250 MtCO2e in absolute terms.
To achieve a substantial reduction in the carbon footprint of the steel manufacturing process, development of breakthrough technologies is crucial. To achieve this, there are fundamentally two pathways: one is to introduce carbon capture technologies in tandem with existing processes to lock-in the carbon; the other is to replace carbon with ‘green-reductants’ such as hydrogen.