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Economic Times
3 hours ago
- Business
- Economic Times
Green steel demand to reach 4.49 MnT in 2030 driven by construction, infra sectors: EY-Parthenon
From a negligible level at present, the demand for green steel in the country is expected to reach 4.49 MnT by 2030, driven by sectors like construction, infrastructure and automobiles, Ernst & Young (EY)-Parthenon said in a report. Five years from now, 2030 is seen as an important year for Indian steel as the government aims to achieve ambitious target of 300 million tonnes (MnT) annual steel making capacity under its National Steel Policy 2017. Although demand for green steel in India is currently negligible, it is expected to rise significantly over the coming decades, said the report titled 'Unlocking Green Steel Demand: An assessment of India's automotive, infrastructure and construction sectors.' Steel produced through low carbon emitting process is referred as green steel. The report has been prepared in collaboration with WWF-India & CII-Green Business Centre (GBC). "By FY 2029-30, the demand for green steel is projected to reach 4.49 MnT, driven primarily by the construction sector at 2.52 MnT, followed by infrastructure at 1.5 MnT, and automobiles at 0.48 MnT," the Ernst & Young (EY)-Parthenon report said. This early uptick will be fuelled by growing urbanisation and a shift towards sustainable building practices, it said. The demand is set to reach 24.89 MnT by FY35, and is expected to more than double to 73.44 MnT by FY40, largely due to the green transition in infrastructure and automotive manufacturing. By FY50, green steel demand is projected to peak at 179.17 MnT, with construction accounting for more than half, and infrastructure and automobiles continuing to contribute significantly. Meeting this demand will require widespread adoption of green hydrogen-based DRI (directly reduced iron) technology, along with sustainable production methods such as electric arc furnaces and molten oxide electrolysis. The transition towards green steel is driven by a notable price premium due to its higher production costs and the impact of carbon pricing on traditional fossil-based steelmaking. Currently, the premium on green steel produced through H₂2 DRI (hydrogen-based Direct Reduced Iron) technology stands at USD 210 per tonne, translating to a 3.7 per cent increase in construction project costs, 5.2 per cent in infrastructure projects, and 4.1 per cent in automotive manufacturing. However, as green hydrogen costs decline and technology scales up, the premium is projected to drop significantly. By 2030, the green steel premium will fall to USD 7 per tonne, reducing cost impacts across sectors to below 1 per cent by 2035-2040. In contrast, the continued use of carbon-intensive BF-BOF steel will lead to rising costs due to escalating carbon taxes, the report said.
Time of India
3 hours ago
- Business
- Time of India
Green steel demand to reach 4.49 MnT in 2030 driven by construction, infra sectors: EY-Parthenon
From a negligible level at present, the demand for green steel in the country is expected to reach 4.49 MnT by 2030, driven by sectors like construction, infrastructure and automobiles, Ernst & Young (EY)-Parthenon said in a report. Five years from now, 2030 is seen as an important year for Indian steel as the government aims to achieve ambitious target of 300 million tonnes (MnT) annual steel making capacity under its National Steel Policy 2017 . Explore courses from Top Institutes in Please select course: Select a Course Category Degree Technology MCA Product Management Data Science others Others PGDM Artificial Intelligence Design Thinking Project Management Healthcare Data Science Cybersecurity Finance CXO MBA Public Policy Management Data Analytics healthcare Leadership Operations Management Digital Marketing Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details Although demand for green steel in India is currently negligible, it is expected to rise significantly over the coming decades, said the report titled 'Unlocking Green Steel Demand : An assessment of India's automotive, infrastructure and construction sectors.' Steel produced through low carbon emitting process is referred as green steel. The report has been prepared in collaboration with WWF-India & CII-Green Business Centre (GBC). Live Events "By FY 2029-30, the demand for green steel is projected to reach 4.49 MnT, driven primarily by the construction sector at 2.52 MnT, followed by infrastructure at 1.5 MnT, and automobiles at 0.48 MnT," the Ernst & Young (EY)-Parthenon report said. This early uptick will be fuelled by growing urbanisation and a shift towards sustainable building practices, it said. The demand is set to reach 24.89 MnT by FY35, and is expected to more than double to 73.44 MnT by FY40, largely due to the green transition in infrastructure and automotive manufacturing . By FY50, green steel demand is projected to peak at 179.17 MnT, with construction accounting for more than half, and infrastructure and automobiles continuing to contribute significantly. Meeting this demand will require widespread adoption of green hydrogen-based DRI (directly reduced iron) technology, along with sustainable production methods such as electric arc furnaces and molten oxide electrolysis. The transition towards green steel is driven by a notable price premium due to its higher production costs and the impact of carbon pricing on traditional fossil-based steelmaking. Currently, the premium on green steel produced through H₂2 DRI (hydrogen-based Direct Reduced Iron) technology stands at USD 210 per tonne, translating to a 3.7 per cent increase in construction project costs, 5.2 per cent in infrastructure projects, and 4.1 per cent in automotive manufacturing. However, as green hydrogen costs decline and technology scales up, the premium is projected to drop significantly. By 2030, the green steel premium will fall to USD 7 per tonne, reducing cost impacts across sectors to below 1 per cent by 2035-2040. In contrast, the continued use of carbon-intensive BF-BOF steel will lead to rising costs due to escalating carbon taxes, the report said. Economic Times WhatsApp channel )
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Business Standard
5 hours ago
- Business
- Business Standard
Green steel demand to reach 4.49 MT by 2030: EY-Parthenon report
From a negligible level at present, the demand for green steel in the country is expected to reach 4.49 MT by 2030, driven by sectors like construction, infrastructure and automobiles, Ernst & Young (EY)-Parthenon said in a report. Five years from now, 2030 is seen as an important year for Indian steel as the government aims to achieve ambitious target of 300 million tonnes (MnT) annual steel making capacity under its National Steel Policy 2017. Although demand for green steel in India is currently negligible, it is expected to rise significantly over the coming decades, said the report titled 'Unlocking Green Steel Demand: An assessment of India's automotive, infrastructure and construction sectors.' Steel produced through low carbon emitting process is referred as green steel. The report has been prepared in collaboration with WWF-India & CII-Green Business Centre (GBC). "By FY 2029-30, the demand for green steel is projected to reach 4.49 MT, driven primarily by the construction sector at 2.52 MT, followed by infrastructure at 1.5 MT, and automobiles at 0.48 MT," the Ernst & Young (EY)-Parthenon report said. This early uptick will be fuelled by growing urbanisation and a shift towards sustainable building practices, it said. The demand is set to reach 24.89 MT by FY35, and is expected to more than double to 73.44 MT by FY40, largely due to the green transition in infrastructure and automotive manufacturing. By FY50, green steel demand is projected to peak at 179.17 MT, with construction accounting for more than half, and infrastructure and automobiles continuing to contribute significantly. Meeting this demand will require widespread adoption of green hydrogen-based DRI (directly reduced iron) technology, along with sustainable production methods such as electric arc furnaces and molten oxide electrolysis. The transition towards green steel is driven by a notable price premium due to its higher production costs and the impact of carbon pricing on traditional fossil-based steelmaking. Currently, the premium on green steel produced through H22 DRI (hydrogen-based Direct Reduced Iron) technology stands at $210 per tonne, translating to a 3.7 per cent increase in construction project costs, 5.2 per cent in infrastructure projects, and 4.1 per cent in automotive manufacturing. However, as green hydrogen costs decline and technology scales up, the premium is projected to drop significantly. By 2030, the green steel premium will fall to USD 7 per tonne, reducing cost impacts across sectors to below 1 per cent by 2035-2040. In contrast, the continued use of carbon-intensive BF-BOF steel will lead to rising costs due to escalating carbon taxes, the report said.
Time of India
a day ago
- Business
- Time of India
TOI Social Impact Summit: Food security, women's rights, education reforms take centre stage on Day 2
Social Impact Summit The Times of India's Social Impact Summit was held in Mumbai on July 11 and 12, bringing together people from government, business, civil society, and academic institutions to discuss inclusive and sustainable development. The event was presented by Malabar Gold & Diamonds, with Ernst & Young as the knowledge partner. It featured keynote sessions, panel discussions, and one-on-one conversations on various topics, including technology and AI in sustainability, digital inclusion, climate-related innovation, education, empowerment of underrepresented groups, gender, and healthcare. On the second day of the event, former NITI Aayog CEO Amitabh Kant said there was a need for better distribution of Corporate Social Responsibility (CSR) funds across sectors. 'It is imperative for companies to define clear outcomes, collaborate with civil society organisations and move from a 'prescription' to 'purpose-led' approach to realise CSR's full potential,' he said. He added that CSR should bring about deeper and long-term change by working with other companies, government bodies, and non-profits. While delivering a keynote address, Bollywood actor and UN secretary general's advocate for SDGs, Dia Mirza said, "We have only one planet to call home. Earth has finite resources. The manner in which we are using, consuming and wasting, we will need two and a half planets to provide for us." In a panel discussion on food security titled 'Feeding the Future – Sufficient, Safe, Nutritious Food for All', Upmanyu Patil of Swayam Shikshan Prayog, Sudarshan Suchi of Reliance Foundation, and Asher O, MD, India Operations, Malabar Gold & Diamonds said hunger and malnutrition can be addressed by using grassroots innovations and solving system-level issues in food delivery. During a discussion on financial independence for women titled 'CancelPatriarchy: Advancing Financial Independence for Women', panellists Jayant Rastogi of Magic Bus Foundation and Nayana Chowdhury of Breakthrough said that while women have progressed, the social systems around them still need to change. Rastogi highlighted the importance of equal pay, equal opportunities in leadership, and proper inheritance rights for women. Meanwhile a panel discussion on public health, oncologists, and NGOs shone the spotlight on preventive healthcare over merely curative options. Dr Sultan Pradhan of Care Trust emphasized that reducing mortality from serious illnesses would be difficult without greater investment in disease prevention, particularly cancer. Dr P Raghu Ram of the Ushalakshmi Breast Cancer Foundation urged the use of CSR funds for early screening and detection initiatives. Shalini Jatia from the ImpaCCT Foundation highlighted that the hospital provides free treatment to 6,000 children each year, made possible through donor support. In a session on expanding grassroots education efforts, Manmohan Singh of Kaivalya Education Foundation said, 'We have to shift from one-year, single-domain projects to multi-year, multi-domain, transformation-driven collaborations.' Rema Mohan of NSE Foundation added that flexibility is important depending on local needs. 'A headmaster in Karnataka might not need the same thing as one in Nagaland,' she said. The Social Impact Summit culminated in an honours ceremony recognising exemplary organisations and individuals who are making impactful contributions in the ESG and CSR spaces. Lohum's Yogesh Kumar and Siddharth Nautiyal were conferred with Climate Innovator award for making integrated lithium-ion battery maker and recycler, which uses battery technology with a circular economy approach to reduce reliance on imports and support clean mobility and energy storage. PHOOL's Smitesh Pawar was also honoured with Climate Innovator award. The Digital Paani's Prashant Aswale and Sat Sure's Kumarjit Mazumdar were conferred with Tech & Innovation award. Moreover, Piramal Foundation's Ishmeet Singh and Sewa Rural's Ami Yagnik were honoured with Healthcare & Wellness Excellence award for delivering last-mile primary care, and eyecare and tribal outreach programmes, respectively. Moreover, Bajaj Auto's Sheetal Dhamecha, Samir Nabar and Aakash Sethi from Quest Alliance were also awarded as Education Impact Leader. Empowerment Champion award was given to Hindustan Unilever's Yashmi Yadav, Viduyt Chavda, Vergies Koshi, and Aajeevika Bureau's Deepika Paradkar, Anupama Payne. Breakthrough's Nayana Chowdhury and Crea's Aditi Gogia and Aburadha Chaterjee were honoured with Leadership in advancing gender equality award. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
TOI Social Impact Summit 2025: Leaders call for action on CSR, climate and inclusion on Day 1
The Times of India's Social Impact Summit was held in Mumbai on July 11 and 12, convening stakeholders from government, industry, civil society, and academia to deliberate on inclusive and sustainable development. Tired of too many ads? go ad free now Sponsored by Malabar Gold & Diamonds and supported by Ernst & Young as the knowledge partner, the summit included keynote addresses, panel discussions, and one-on-one sessions. Topics covered ranged from the role of technology and AI in sustainability to digital inclusion, climate innovation, education, gender equity, healthcare, and the empowerment of marginalised communities. On the first day of the event, Sivakumar Sundaram, CEO – Publishing, Bennett Coleman & Co Ltd, set the tone in his welcome address by urging a deeper rethinking of CSR in India. He said, 'India's CSR investment was approximately Rs 30,000 crore last year. But more important than the quantum is the quality—how we measure impact, how we embed sustainability into strategy, and how we turn compliance into conscience.' Union minister for road transport and highways Nitin Gadkari, the summit's chief guest, delivered a keynote address on India's untapped potential to convert waste into wealth. He said, 'With the right approach, we can convert waste into wealth, create jobs, and address environmental concerns.' 'Plastics can be turned into fuel, sewage into industrial-grade water, and even garbage into commercially viable products,' he added. The minister further cited a sewage treatment project in Mathura where treated water was reused by an Indian Oil refinery, and the sludge was converted into useful bio-products. Tired of too many ads? go ad free now He said scaling such models nationwide could have huge potential. Drawing from his own experience, he noted that his constituency earned Rs 300 crore annually by selling treated toilet water. He also highlighted clean energy as a potential, pointing out that NTPC and the Maharashtra government have started using biomass instead of coal, which was cleaner despite being costlier. With 17% of India's land being wasteland, he suggested bamboo plantations for biomass and tree cover near mines to earn carbon credits. In his keynote address, Uday Kotak, founder and non-executive director of Kotak Mahindra Group, advocated for India's CSR model to be adopted globally. He said India's model offered an alternative to higher taxes. 'We created a structure where business allocates resources directly to society rather than routing them through government,' he said. 'Most parts of the world fiddle with tax rates.' Indian companies currently contribute over Rs 30,000 crore annually through CSR. Kotak hoped this would rise to Rs 1 lakh crore. He further urged companies to go beyond compliance. 'Ask yourself: Is the 2% being spent for the purpose it's intended, or just to meet a requirement?' he questioned. MP Ahammad, chairman of Malabar Group, highlighted how the group integrates ESG principles into its operations. 'We believe in giving back to the society from which we earn,' he said. The first panel discussion of the day focused on how technology is helping solve real-world problems. B Thiagarajan, MD of Blue Star, highlighted energy efficiency gains, saying, 'If you bought an AC in 2000 and if you are buying one now, it now consumes only 20% energy.' This, he added, has made power bills more affordable. Cummins' Srinivasa Raghavan noted that while only a small fraction of generators in US or UK meet the highest standards, in India, 100% of gensets have gone to that kind of emissions. While Mahindra's Abanti Sankaranarayana noted that domestic innovation is growing in response to supply risks and EV development. Atul Satija, Founder and CEO of The/Nudge Institute, highlighted how improved connectivity is transforming access at the grassroots level. 'We never had real last-mile access till now. Now it is physical connectivity to almost the last mile. We have massively scaled our road infrastructure and have digital connectivity. This is one of the largest social fabrics in the world,' he said. Satija was speaking at a panel on 'Tech for Good,' where he underlined how India's expanding digital and physical infrastructure is enabling inclusive development and accelerating the adoption of environmental, social and governance (ESG) goals at scale. In the fireside chat on waste-to-value, SSV Ramakumar of AM Green pointed to India's ethanol success, saying, 'Every drop of petrol is blended with 20% ethanol, much of it from agri waste. This has saved us Rs 1.1 trillion in crude imports and reduced 544 lakh metric tonnes of CO2.' Wilma Rodrigues of Saahas Zero Waste said '60% of dry waste is low-value plastic that ends up in landfills,' stressing the need for proper sorting to divert it to waste-to-energy plants. But Pranshu Singhal of Karo Sambhav raised a funding concern, asking, 'You can buy a product instantly — why is disposal difficult?' Srestha Banerjee of iFOREST said policy support must be backed by financing to scale sustainable efforts. Radha Goenka of the RPG Foundation emphasised the vital role of philanthropy in climate action. 'Philanthropy can fund experimental climate solutions. As innovative capital, it fills the space between government and business,' she said during a discussion on sustainability. Goenka spoke about The Nest, a public garden in Mumbai transformed into an urban forest with support from her foundation. The initiative is now being positioned as a model to help create a green corridor across the city. Her remarks highlighted how philanthropic efforts can bridge crucial funding gaps, enabling innovation and community-focused climate solutions that may not attract immediate commercial or governmental backing. Meanwhile, Bipin Odhekar of Marico stressed the need to build trust within communities, while Aarti Khosla of Climate Trends called out the overemphasis on mitigation, saying adaptation to climate stress — like declining crop yields due to rising heat — needs more attention. Geetanjoy Sahu of TISS urged a rethink of the "development vs environment" mindset. Shilpashree Muniswamappa of Colgate-Palmolive said, 'People don't necessarily buy to benefit the planet; they buy what saves them money. ' Sunita Bhuyan and her team also delivered a performance demonstrating the therapeutic power of music. She played the violin alongside her team members on hand drums (Tabla) and keyboard, presenting their well-known piece Sahakriya, which highlights creativity and collaboration through music.
