Domestic Steel And Cement Industry Needs Rs 47 Lakh Cr Investment To Meet Net Zero Goals: Report

New Delhi, Oct 13 (KNN) The domestic steel and cement industry needs additional Rs 47 lakh crore investment to meet net zero targets, according to a report by Council on Energy, Environment and Water (CEEW).

At present, India is the second-largest producer of steel and cement in the world, and both are emission-intensive hard-to-abate industries.

The report stated that the two sectors will need Rs 1 lakh crore each year in additional operational expenditure (OPEX) to go net-zero.

As per the report, 8–25 per cent reduction in steel emissions and a 32 per cent reduction in cement emissions is possible without any price increase by adopting efficient technologies such as waste-heat recovery and energy-efficient drives and controls.

Moreover, a 33 per cent reduction in the combined carbon emissions of the steel and cement industries could be achieved with just 8.5 per cent of the total additional CAPEX and 30 per cent of the additional annual OPEX, CEEW stated.

This reduction can be done without considering the need for carbon capture and with the requisite supply of alternative fuels and raw materials.

Arunabha Ghosh, CEO, CEEW, said, "Decarbonising India's steel and cement industries will not only help it meet its climate ambitions but also make its industries market competitive and future-ready in a world with increasingly sustainability-driven regulations."  (KNN Bureau)