India’s per capita steel consumption stands at 76 kg, while the global average is 233 kg. The National Steel Policy aims to increase per capita steel consumption by a substantial margin, and this increased demand is likely to be met by coal-based blast furnaces and rotary kilns. Given the expansion of steel production capacity, emissions due to primary steel production will significantly increase at a time when carbon space is shrinking. In addition, India is the second-largest importer of coking coal and a large importer of non-coking coal for use in blast furnaces and rotary kilns. Steel decarbonisation and a shift to green steelmaking can significantly reduce import dependency, increase energy security and save foreign exchange.

To facilitate this, there is a need for technology transfer, strategic collaborations and access to affordable finance. This panel discussion brings together thought leaders from the spheres of policy, finance, and international cooperation to deliberate on forging a carbon-free future for India's steel industry.