According to research conducted by India's non-profit think tank CEEW (Council on Energy, Environment and Water), India's existing steel and cement plants will require additional capital investment of INR 47 trillion ($627 billion) to comply with zero emission targets. In addition, these sectors will need additional annual operational expenditure of 1 trillion rupees to facilitate these adjustments.
The analysis, supported by BP India and conducted by CEEW, also found that it is possible to reduce carbon emissions from steel production by 8-25 per cent and cement production by 32 per cent without increasing prices. Achieving this will require the adoption of effective technologies, particularly waste heat recovery and energy efficiency measures.
Industry analysts estimate that the Indian steel sector is responsible for 297 million tonnes of CO2 emissions associated with steel production in 2021-2022.