India's top steelmakers have urged the government to provide federal funding and other economic assistance to help them meet targets for cutting carbon emissions, a leading industry body said.
India, the world's third-biggest emitter of greenhouse gases behind China and the United States, has pledged to achieve a net-zero carbon emission target by 2070 and increase the share of renewables in its energy mix to 50% by 2030.
Steel companies believe that government incentives for low carbon technologies, state funding of green pilot projects and a market for steel made by green technologies would enable a low carbon footprint, T. V. Narendran, chief executive and managing director of Tata Steel Ltd , told Reuters.and Nippon Steel - said high initial capital costs were needed to cut carbon emissions.