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Informist, Thursday, Sep 5, 2024

NEW DELHI - The government will discuss the carbon border adjustment tax, announced by the European Union, with industry leaders from the steel sector to promote sustainable steel manufacturing, Commerce and Industry Minister Piyush Goyal said today. "The government is invested in infrastructure and the industry has to find newer ways of lowering carbon emission and promoting high quality and productivity in India," Goyal said at the 5th edition of Indian Steel Association's Steel Conclave.

According to the European Union, the Carbon Border Adjustment Mechanism is a "tool to put a fair price on the carbon emitted during the production of carbon-intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries." Under this, exporters will have to report carbon content in their export goods to the European Union.

Goyal assured the stakeholders that the government is fully committed to safeguard interests of the industry.

He also set a goal to achieve 500 mln tn of steel production by 2034, while urging industry leaders to prioritise economies of scale through decarbonisation by highlighting the rising demand for green steel. The minister called for innovative ways towards low emission, and use of artificial intelligence. He also asked the industry to integrate indigenous machinery for domestic production.  End

Reported by Vivek Das

Edited by Vandana Hingorani

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