India’s small steelmakers could save money and cut emissions with switch to renewable power
Summary
A report says smaller steel companies in India, producing nearly 40% of the country's steel, can save about one-third of their electricity costs and cut carbon emissions by switching to renewable energy. The report suggests that joining together to invest in renewable power projects is the most effective and affordable way for them to make the switch.Key Facts
- Smaller steelmakers in India use a lot of electricity, which can be up to 40% of their costs.
- Using renewable electricity can reduce their power costs by about 22 to 24 million rupees (about $250,000 to $275,000) per company, or up to 34%.
- India’s steel sector causes as much as 12% of the country’s carbon emissions.
- India aims to reach net-zero emissions by 2070, meaning it wants to balance emissions with measures to remove them.
- Only about 11% of smaller steel companies currently use renewable power, while the national share for renewables is about 22%.
- Group investments in renewable energy projects can lower costs and risks for small companies.
- Challenges slowing adoption of clean power include lack of awareness, government delays, and high initial costs.
- Switching to clean power could help Indian steel companies avoid European carbon taxes.
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