The idea of inexperienced metal promotes the manufacturing of metal utilizing inexperienced power sources and minimizing the utilization of fossil fuels. File (representational picture)
Inexperienced metal will play an necessary position in reshaping the way forward for the business because the world strikes in direction of a low-carbon economic system, the Financial Survey for 2023-24 stated.
The idea of inexperienced metal promotes the manufacturing of metal utilizing inexperienced power sources and minimizing the utilization of fossil fuels.
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“Because the world strikes in direction of a low-carbon economic system, inexperienced metal is poised to play a pivotal position in reshaping the way forward for the metal business,” stated the Survey tabled in Parliament on July 22.
“India’s metal sector accounts for 12% of India’s greenhouse gasoline emissions with an emission depth of two.5 tonnes of CO2 per tonne of crude metal in comparison with the worldwide common of 1.9 tonnes of CO2 per tonne of crude metal,” it stated.
The Survey additionally stated, “India remained a web importer of metal through the first, second and third quarters of FY24 due to value differentials between worldwide and home costs of completed metal.”
“Low costs within the worldwide markets led to lowered revenue margins for exports and made imports extra inexpensive, affecting the commerce stability within the metal sector,” it stated.
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“The import dependence on coking coal, a vital uncooked materials for metal manufacturing additionally went up from 56.1 MT in FY23 to 58.1 MT in FY24,” the Survey stated.
The Survey additionally highlighted that many applied sciences required for world web zero are commercially unavailable, resembling hydrogen-fuelled metal/cement, metal and aluminium manufacturing with (Carbon Seize, Utilization, and Storage) CCUS, and many others.
“There’s a want to reinforce worldwide cooperation in R&D, particularly within the domains of distributed RE, offshore wind, geothermal, tidal power, biofuels, compressed biogas, inexperienced hydrogen, power storage, electrolysers, and nuclear energy [including small modular reactors SMR],” it stated.
