India's steel development might block net zero emission goal
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Update time : 2024-12-12 16:56:00
India's push to expand coal-based steel production threatens its net-zero carbon emissions target for 2070, according to a Global Energy Monitor (GEM) report. Prime Minister Narendra Modi has set to achieve net-zero emissions by 2070, a timeline later than scientists recommend to avert severe climate effects. However, India's growing steel demand, driven by rapid economic and infrastructure development, risks increasing greenhouse gas emissions.
GEM highlighted that new investments in coal-powered steelmaking and reliance on emissions-intensive blast furnaces could derail India's climate goals, potentially creating over US$187 billion in stranded assets. The steel sector's expansion could add 680 million metric tons of CO2-equivalent emissions.
India, the second-largest crude steel producer, plans to boost capacity to 300 million metric tons by 2030, up from 180 million. Currently, 85% of the sector's energy comes from coal, with coal-based furnaces dominating steel projects under development, GEM said.
