Policy Landscape for Transition Towards Carbon Neutral Steel Sector

Amrita Goldar (agoldar@icrier.res.in), Md Sarwar Ali (mali@icrier.res.in), Malay Kotal (malaykotal00@gmail.com), Poulomi Bhattacharya and Ismail Haque
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Amrita Goldar: Indian Council for Research on International Economic Relations (ICRIER)

Indian Council for Research on International Economic Relations (ICRIER) Policy Paper from Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India

Abstract: This study reviews policy initiatives from top steel-producing G20 countries, focusing on supply, demand, and export promotion, to identify best practices for decarbonizing India's steel sector. It prioritizes policy options based on an Analytical Hierarchy Process (AHP) exercise conducted with stakeholders from industry, government, academia, and civil society. The research makes a twofold contribution to the current body of knowledge. Firstly, it identifies potential policy choices that the Indian steel industry can implement to reduce carbon emissions promptly. Secondly, it conducts a policy-prioritization exercise involving various stakeholders to unite diverse perspectives on supply, demand, and export promotion strategies. This exercise helps determine the most optimal transition pathway for the sector. Some of the policy levers that were deemed to be crucial for decarbonizing the Indian steel sector are technological innovation/upgradation, improvement in energy efficiency, and green procurement and labelling. Additionally, access to finance is critical to facilitate the adoption of low-carbon technologies for the production of low-carbon or green steel.

Keywords: Low carbon steel; Climate policy; Industrial decarbonization; icrier (search for similar items in EconPapers)
Pages: 37 page
Date: 2024-12
New Economics Papers: this item is included in nep-ene and nep-env
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