In the second half of 2024, the government of India’s Ministry of Steel announced several policies to decarbonize the domestic steel sector and achieve the climate objectives outlined in its Nationally Determined Contributions (NDC).
In September 2024, the government of India released a report titled, “Greening the Steel Sector in India: Roadmap and Action Plan.” This report lays out the strategies for transitioning the sector in line with India’s 2070 net-zero target. Following this, in December 2024, the government of India announced the Green Steel Taxonomy. The framework is the first of its kind globally, and defines “green steel” based on the carbon emissions per tonne of finished steel. Alongside this, the framework introduces a benchmark to classify finished steel on the percentage of its “greenness,” based on how much lower a steel plant’s emission intensity is compared to a threshold of 2.2 t-CO2e/tfs. Scope 1 & 2 and limited Scope 3 emissions, up to finished steel production, are considered in the remit of the taxonomy. The framework introduces a benchmark that classifies green steel into three categories based on emission intensity. The taxonomy also calls for a review of the definition of green steel every three years. Furthermore, the National Institute of Secondary Steel Technology (NISST) is the designated agency for measurement, reporting, and verification (MRV) as well as for issuing the greenness certificates and star ratings for the steel on a yearly basis. In case the steel plants opt for MRV more frequently, then certificates may be issued more than once in a year as per the requirement.| Influencemap Performance Band | Organization | Policy Position | Policy Engagement Intensity |
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