International Energy Agency releases a policy brief titled ‘Standards for a Net Zero Iron and Steel sector in India’ | Current Affairs | Vision IAS
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    International Energy Agency releases a policy brief titled ‘Standards for a Net Zero Iron and Steel sector in India’

    Posted 30 Apr 2024

    2 min read

    • Policy brief focuses on standards for low and near zero emissions steel, including emissions measurement methodologies, definitions or emissions thresholds.

     

    • Benefits of Standards for low and near zero emissions steel 
      • Increased acceptance of emission-related measures by producers due to simplified process.
      • Help policymakers to reduce duplicating efforts and minimise trade barriers.
      • Help countries to set a common verification approach and improve emissions understanding across various actors.

     

    • Initiatives to standardize Steel Sector
      • India
        • Steel Scrap Recycling Policy, 2019.
        • Perform, Achieve and Trade scheme under National Mission for Enhanced Energy Efficiency, incentivizes steel industry to reduce energy consumption.
        • Ministry of Steel formed 14 Task Forces to support development of its “Roadmap for Green Steel”.
      • Global
        • In 2021, COP26 launched Steel Breakthrough, under Breakthrough Agenda focussing on definitions and emissions measurement methodologies.
        • Steel Standard Principles at COP 28 in 2023, for development of low/near-zero emissions steel definitions and measurement methodologies.

     

    • Measures required to standardize Steel Sector
      • Setting clear timelines for emissions reduction, measurement methodologies and defining near zero steel.
      • Creating markets for low-emissions materials and products, developing novel emissions reduction technologies.
      • Developing policies to support commercial-scale low emissions production, and mobilising finance and investment.

     

    About Steel sector    

    • India is second-largest steel-producing country, accounting for 7% of total crude steel production.
    • Steel production is highly reliant on coal, used as reducing agent to extract iron from iron ore and provide carbon content needed in steel. 
    • It is the largest coal consumer and is responsible for 7–9% of global Greenhouse Gas emission.
    • India’s Steel industry accounts for 12% of carbon dioxide emissions and are expected to double by 2030 due to infrastructure push of government.
    • Tags :
    • Steel Industry
    • Initiatives to standardize Steel Sector
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