India Pioneers Green Steel Taxonomy to Lead Global Sustainability Efforts

Shri H.D. Kumaraswamy, Union Minister for Steel & Heavy Industries, will launch the “Taxonomy of Green Steel for India” on December 12, 2024, at Vigyan Bhawan, New Delhi. The event will bring together Shri Bhupathi Raju Srinivasa Varma, Minister of State for Steel, alongside officials from the Ministry, public sector enterprises, industry stakeholders, think tanks, academia, and representatives from foreign missions.

This groundbreaking initiative reflects India’s commitment to achieving net-zero carbon emissions by 2070. Through comprehensive consultations with various stakeholders, the Ministry of Steel has developed a strategic framework to promote green technologies in steel production. This taxonomy will provide much-needed clarity on defining and implementing sustainable practices across the sector.

Globally, green steel lacks a standard definition, but India has taken the lead by introducing this taxonomy. By fostering a unified understanding, the initiative will encourage decarbonization across diverse production methods. It also includes setting up a robust ecosystem for monitoring, reporting, and verification (MRV) to ensure transparency and accountability in achieving sustainability goals.

The taxonomy lays the foundation for green steel certification and registry systems, crucial for creating a demand-driven market for sustainable products. It also aims to attract significant investments in advanced green technologies, enabling the development of innovative solutions for the steel industry.

With this step, India positions itself as a leader in global industrial decarbonization, driving progress toward a low-carbon economy. By addressing sustainability challenges and building an ecosystem for green innovation, the taxonomy ensures India’s steel sector aligns with environmental goals while remaining competitive in international markets.

This initiative is a transformative move, reinforcing India’s role in combating climate change and shaping a sustainable industrial future. The Green Steel Taxonomy is expected to serve as a model for other nations, underscoring the importance of cohesive policies in addressing global carbon emissions.