India’s ministry of steel is working on a package of several incentives to boost production of green steel and support the drive of local steelmakers to decarbonise their operations, secretary to the ministry, Sandeep Poundrik, said in a statement on Monday, April 28.
India, the world's biggest steel producer after China, is working on a green steel policy in a bid to decarbonise the procurement and production of the key construction material, as it charts its path to target net zero emissions by 2070, he said.
The package of incentives will be announced by the government shortly, Poundrik said.
"We are trying to do a lot of things to incentivise green steel including working on a mission... where we will try to support the industry for decarbonisation," he stated.
“Firms would be incentivised to produce more green steel and for the use of renewable power,” he added.
Separately, the government is also working on mandating a certain percentage of green steel for use in state-funded projects, he said.