In March 2023, Union Steel Minister Jyotiraditya Scindia approved the formation of 13 task forces to identify action points for each aspect of green steel production and the adoption of sustainable manufacturing processes.
The task force on finance, led by Sunil Mehta, the Chief Executive of Indian Banks' Association, provided valuable insights into financing options for decarbonising the Indian steel industry, says the ministry
Indian conglomerate Essar Group has announced plans to develop a $4.5 billion integrated Green Steel plant in Saudi Arabia. Essar has partnered with Saudi Arabia s Desert Technologies to develop renewable energy generation and storage solutions for the project. The Green Steel Arabia (GSA) project aims to start production in 2027 and will serve industries such as construction, oil and gas, automotive, packaging, and general engineering. The partnership will provide access to green and carbon-free energy storage solutions, boosting the low CO2 emission steel industry.
For example, by electrifying parts of the process with electric arc furnaces that run on clean electricity, or by capturing and storing the carbon emissions