The heavy industry sector has played a crucial role in facilitating India’s emergence as one of the world’s fastest-growing economies, having already a made substantial contributions to the socio-economic development and urbanisation of the country. With India now the second largest producer and consumer of steel, the sector is responsible for 2.5% of India’s GDP and employs 2.5 million people directly and indirectly – but also substantial greenhouse gas emissions.
As India’s economy expands and urbanization increases, the demand for steel, cement and chemical products is expected to remain strong, driven by both domestic consumption and exports. In fact, by 2050, the annual demand for steel is projected to reach 489 million tonnes, resulting in an addition of approximately 500 million tonnes of CO2 emissions into the atmosphere.
In this report, we look at:
- Why addressing these emissions is essential for reducing the overall carbon footprint
- The decarbonisation pathways available to government and business
- Challenges to the adoption of decarbonisation solutions and mitigations
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