Home / News / India /  Industry body pitches for green steel, cement markets

New Delhi: Calling for the need for developing green steel and cement markets in India, industry body Assocham’s Secretary General Deepak Sood said that India can be a global supplier of green steel and cement along with meeting its domestic demand.

He further said that given steel and cement are high carbon-emitting sectors, buyers should be willing to procure the green products in a bid to help achieve the climate targets and certain segments of steel and cement buyers can be directed by the government to procure the green products.

“Maybe a green steel market needs to be created, a green cement market needs to be created, which possibly needs to be bought by companies at a higher cost. In India, for example, there could be certain chunk of industry who could be asked to (procure these green products and) who would consider this as a procurement. There is a lot of product that we make in this country who could use green steel," Sood said in an interview.

He also emphasised on the need for developed countries to support developing and underdeveloped countries to achieve ambitious climate targets.

Sood was also of the opinion that India is ahead of its global peers in terms of progress in energy transition and is expected to achieve carbon neutrality ahead of several major economies.

He said that a lot of companies in steel and cement have already set targets to achieve net zero carbon emissions. India aims to achieve carbon neutrality by 2070.

Speaking on the nascent green hydrogen sector, the Assocham Secretary General said that hydrogen is the “fuel for future" and India has the potential to be a global supplier of green hydrogen.

“Green steel cannot happen without hydrogen. Hydrogen is the direction. That’s an emerging field and India can become a very important supplier of green hydrogen to the world. We have a capability in this country, we have a very, very prominent geopolitical position with which it is possible," he said, adding that India has the entrepreneurial expertise to take a global lead in green hydrogen.

He said that green hydrogen would not be utilised in industry, but also in automotive and mobility solutions.

Stressing the need for green financing, he said: “Green funding is very crucial for long term at low cost, (and) reliable funding is extremely important in this case. Any project of this nature would always require reliable, low-cost, long-term funding for the industry which can invest with a clear vision and visibility of a stable policy in that direction, which is very crucial."

Sood suggested a collaborative approach from both industry and the government for growth of these nascent renewable energy sectors.

In February, Centre came out with a national green hydrogen policy and a comprehensive green hydrogen mission is in the works.


Rituraj Baruah

Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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