India’s Steel Ministry has revealed a vision for 2047 regarding increasing green steel production, boosting the demand, raising the supply, and increasing the share in global supply & exports. These targets focus on human resource development, generating resources like renewable energy, and efficient utilization to control hazardous gases.
The government of India aims to achieve 60% green steel production by recycling methods and to decrease carbon emissions from 2.6T/MT to 1.3T/MT. Plan to reduce the CO2 emissions by 20% by 2030, 50% by 2047and 100% by 2070. The steel ministry also stresses using renewable energy to have green hydrogen (GH2) than grey hydrogen and focused on Carbon Capture, Usage, & Storage (CCUS).
Vision 2047 focuses on the reliance on domestic resources, decreasing the coking coal imports and reducing consumption from 60 million tons to 43 million tons by 2030 and 35 million tons by 2040. Target to produce 100% direct reduced iron with gas.
India not only focuses on decreasing CO2 emissions but also wants to capture the domestic and global markets. It plans to increase high-grade steel supply to 50% of total steel and crude steel production from 54 million tons to 500 million tons. The aim of Vision 2047 is to increase contribution to the world’s steel output from 6% to 20% and raise exports from 12% to 20% by 2047.
The country’s total demand is 106 million tons, which must increase to 400 million tons. Per capita consumption needs to increase from 77kg to245kg.
All these targets will make India self-sufficient in steel production and improve environmental standards. China is leading in green steel production, and India will be able to compete with it.
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