India Aims to Triple Steel Output By 2047 With Lower Emissions

ENA Sectors 2024-04-10 15:26:11 New Delhi, Apr 10 (KNN) India is planning an ambitious target to increase its domestic steel production capacity threefold to 500 million tonnes per annum by 2047. The focus will be on reducing emission intensity during the production process. According to officials, India aims to lower the emission intensity to 2.25 tonnes of CO2 per tonne of crude steel production by FY29 from the current 2.50 tonnes. The country plans to further reduce emission intensity by 2047, reported ET. These new targets are more stringent than the previous goals set under India's Nationally Determined Contributions (NDCs) for the steel sector, which had envisaged an annual 1 per cent reduction in average CO2 emission intensity. Domestic Production Boost From the current steel-making capacity of around 161 million tonnes, India targets a massive jump to 500 million tonnes by 2047. This takes forward the goals defined under the New Steel Policy (NSP) 2017, which had aspired for a 300-million-tonne capacity by 2030. To facilitate this expansion, domestic iron ore availability is projected to increase from 226 million tonnes to 318 million tonnes by 2047. Enabling Reforms Key reforms are expected in the metals and mining sector to allow more exploration, geological surveys, and better data assessment. More funds will be allocated to the National Mineral Exploration Trust (NMET) to boost mineral availability in India. Changes in rules are also planned to permit surveys in forest areas while maintaining ecological balance. The government may organise hackathons to study the geological data being collected. Vehicle scrapping is expected to play a minor role as a source of feedstock for steel making. (KNN Bureau) 37368 https://knnindia.co.in/news/newsdetails/sectors/india-aims-to-triple-steel-output-by-2047-with-lower-emissions 2024-04-10 15:26:11 knnindia.co.in India Aims to Triple Steel Output By 2047 With Lower Emissions