India's green steel demand to skyrocket in coming decades
India's appetite for green steel is about to explode, says a new report from EY Parthenon for WWF-India and CII-Green Business Centre.
Demand is expected to leap from almost nothing today to 4.49 million tons by FY2030, then hit 73.44 million tons in FY2040, and reach a huge 179 million tons by FY2050—mostly thanks to booming construction, infrastructure, and car industries.
Report urges India to start ramping up green production now
Right now, construction and infrastructure use up nearly 80% of India's steel. As cities grow, total steel consumption could almost triple by 2050.
The catch? Making green steel still costs about $210 more per ton than regular steel, but that gap should shrink as tech improves.
The report urges India to ramp up green production soon—especially with carbon taxes on the horizon in places like the EU—to stay competitive and cut emissions for a cleaner future.