Many small steel plants are being set up in the country.
The Government of India is planning to launch a program of Rs 5,000 crore ($ 570 million), so that steel -making companies can be encouraged to reduce emissions. This information was given by a senior government official. Sandeep Pounderick, Secretary, Steel Ministry, told the FT Energy Transition Summit in New Delhi on Wednesday that the scheme will be focused on small companies, especially on small companies, which make about half of the country’s total steel production.
The demand for steel in India is continuously increasing, because the country is running on a large scale infrastructure projects and the demand for new houses is also increasing. For this reason, many small steel plants are being set up, which are easy to start, but they spread too much pollution.
It is difficult to stop emissions in the steel sector
This program is part of the government’s effort through which pollution from the steel sector can be reduced, because it is difficult to stop emissions in this sector. This incentive scheme will help India achieve the target of net zero emissions by 2070 and will also make trade with the European Union (EU), where the customs duty carbon tax is punished on imports with high pollution through the Border Carbon Tax.
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Companies will get incentive
Sandeep Pounderk said that this initiative will provide incentive according to different levels of decarbonization (carbon reducing) and will mainly focus on secondary plants that form semi-refined, refined or finished products.
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