A clear definition of green steel is crucial for steelmakers to start investing in the right technologies, a new joint report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics finds. The report also provides various policy recommendations for the government to lay a strong foundation for decarbonising India’s steel sector.
Analysing the various technology solutions currently available to cut emissions from steelmaking, the report finds that green hydrogen is the cleanest option. Producing steel using scrap in renewables-powered electric arc furnaces (EAFs) is another option. Still, it cannot fully substitute other forms of production as there are challenges of high-quality scrap availability. The report forecasts that green hydrogen will dethrone coal as the primary steelmaking route by 2050, with its use increasing from 2030.
Find the complete report here.