Union Power and New & Renewable Energy Minister, R K Singh, has recently assured stakeholders in the iron and steel sector of additional funds for the decarbonization of the industry under the National Green Hydrogen Mission. The proposal came during a high-level meeting incorporating officials from the Ministry of New & Renewable Energy, Ministry of Steel, and industry representatives to discuss on projects aimed at integrating green hydrogen into the steel-making process.
The Ministry of New and Renewable Energy (MNRE) serves as the central authority in the Indian government for matters related to new and renewable energy. It is focused on the development and implementation of new and renewable energy sources to augment the country’s energy needs.
Union Minister for Power and New & Renewable Energy, R K Singh, has provided assurance to stakeholders in the iron and steel sector about the allocation of extra funds for the industry’s decarbonization efforts under the National Green Hydrogen Mission.
During the meeting with stakeholders, Mr Singh highlighted the importance of utilizing the available funds under the mission to develop technology for the seamless integration of hydrogen in steel production.
He also stressed the ongoing efforts by some manufacturers who have already initiated experiments using green hydrogen in the steel sector, underlining the need to accelerate this transition through a transparent selection process that addresses crucial technology gaps.
“Some manufacturers have already begun to experiment using green hydrogen in the steel sector. The idea of this meeting is to decide the avenues in which the funds can be channeled to accelerate this transition, through a transparent selection process which also addresses the technology gaps which need to be addressed,” Mr Singh said.
Insisting on the government’s commitment to the cause, Mr Singh assured stakeholders that if the need arises, additional funds can be allocated beyond the Rs 455 crore already reserved for the steel sector under the National Green Hydrogen Mission. This financial support aims to facilitate and accelerate the industry’s shift towards more sustainable and environmentally friendly practices.
During the discussions, industry representatives expressed their concerns about the challenges faced during trial phases, including the feasibility of executing projects through institution. In response, Mr Singh stressed the importance of zeroing in on the right technology and pathways for the decarbonization of the steel sector.
The government aims to provide complete support to address these challenges and ensure a smooth transition to green hydrogen adoption in steel manufacturing.
“Our idea is to help you to transition. If we use green hydrogen, then carbon content becomes low; so, we need to think of ways and means of doing that,” Mr Singh stated. He underscored the government’s commitment to energy transition, highlighting its importance for the iron and steel sector in the context of emerging trade barriers imposed by developed countries.
R K Singh’s highlight on utilizing green hydrogen in steel making as a means to decarbonize the sector aligns with global efforts to combat climate change. By reducing carbon content in steel production, the industry can contribute significantly to mitigating its environmental impact.
Mr Singh had also stressed the role of energy transition in enhancing the competitiveness of the sector, especially in the face of trade barriers set up by developed nations.