India Unveils First-Ever Green Steel Taxonomy
| Summary/Static | Details |
|---|---|
| Why in the news? | India becomes the first country to release a formal Green Steel Taxonomy. |
| Main Announcement | Unveiling of India's first-ever Green Steel Taxonomy |
| Significance | India becomes the first country to release a formal Green Steel Taxonomy, aiming to decarbonize the steel sector and achieve a low-carbon economy transition. |
| Purpose of Taxonomy | To define green steel, reduce CO2 emissions, foster innovation, and create a market for low-carbon steel products in India. |
| Green Steel Definition | Steel produced with CO2 emissions lower than 2.2 tCO2e per tonne of finished steel (tfs). |
| Star Rating System | - Five-Star: Emission intensity < 1.6 tCO2e/tfs - Four-Star: Emission intensity between 1.6 and 2.0 tCO2e/tfs - Three-Star: Emission intensity between 2.0 and 2.2 tCO2e/tfs - Non-Green: Emission intensity > 2.2 tCO2e/tfs |
| Review Frequency for Rating | Every three years |
| Scope of Emissions | Includes Scope 1, Scope 2, and limited Scope 3 (agglomeration, beneficiation, and embodied emissions in raw materials). |
| Nodal Agency | National Institute of Secondary Steel Technology (NISST) |