India’s ministry of steel will unveil a taxonomy for green steel this week, government sources said on Thursday, December 12.
The taxonomy will also serve as a foundational tool for the development of the green steel market, driving investments in green technologies, paving the way for a robust ecosystem of green innovation and thus enhancing India’s role in the global industrial decarbonisation landscape, the sources said.
The taxonomy of green steel has been developed after extensive consultations with the stakeholders, they said.
Green steel taxonomy is a crucial step towards transforming India’s steel industry into a more sustainable, low-carbon sector by defining a clear framework for promoting the adoption of green technologies in steel production. It is a prerequisite for developing a coherent policy for decarbonising the sector and creating demand for products with green attributes.
Globally, there is no commonly accepted definition of green steel yet, though multiple organisations and various countries are working on it. India is the first nation to take the initiative in this direction, the sources said.
Developing a just and fair definition will incentivise incremental decarbonisation across various production pathways and creating an ecosystem equipped with monitoring, reporting and verification (MRV), green steel certification and registry would be critical to ensure cost-effective decarbonisation of the sector, the sources added.