India's Ministry of Environment, Forest and Climate Change (MoEFCC) has issued a draft notification setting greenhouse gas emission targets for the iron and steel sector and aligning them with the country's carbon credit trading system (CCTS), a government official said on Wednesday, July 8, citing an official notification.
The ministry has set emission reduction targets for 255 industrial units, including sector majors such as JSW Steel, Tata, SAIL (Steel Authority of India) and ArcelorMittal Nippon Steel, among others.
The draft notification has specified 2023-24 as the year for base product production and base emission intensity and 2026-27 as the compliance target for selected steel plants, sponge iron units and ferroalloy manufacturers. A 60-day window has been provided for submission of objections and proposals on the project.
The project sets targets in tonnes of carbon dioxide equivalent (tCO2e), which is used to measure the impact of all greenhouse gases, not just CO2, based on their warming potential.
India's CCTS was launched in 2023 to create a framework to incentivize emissions reductions through market mechanism, and to help achieve India's climate change goals.
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