CPSEs and PSBs made it to final list under National Anubhav Awards Scheme (See 'Corp Brief') PMLA - Attachment of property does not effect or transfer title, unless property is confiscated and it can be when accused is convicted: SAFEMA (See 'Legal Desk') IBC - Only if Corporate Debtor raises plausible contention about pre-existing dispute, which is not just feeble legal argument, it would suffice for Adjudicating Authority to reject petition filed u/s 9: NCLT (See 'Legal Desk') 'Eco-Fishing Ports' in Focus: Govt and AFD hold Technical Dialogue (See 'Corp Brief') Union Minister chairs Textile Advisory Group meeting on Cotton (See 'Corp Brief') A&C - If non-signatory party actively participates in execution of contract and its actions are consistent with those of other members of group, it may create impression that non-signatory is effectively a party to contract, including arbitration agreement: HC (See 'Legal Desk') CCI okays merger of Ring Plus Aqua and Maini Precision into JK Maini Precision (See 'Corp Brief') CCI okays combination of JTPL, SCRTIPL, SC Ventures, Solv-India & Artal Asia (See 'Corp Brief') PMLA - Attachment proceedings are technically civil in nature, whereas only trial for commission of offence under Section 3 & 4 of PMLA in prosecution complaint is criminal trial: SAFEMA (See 'Legal Desk') MoFPI Secy advocates tech-driven Nutrition Tracking (See 'Corp Brief') IBC - Unless corporate debtor's demise is inevitable or winding-up proceedings under Companies Act have reached irreversible stage making revival impossible, every effort must be made to revive company: HC (See 'Legal Desk') Coal Imports in FY 2024-25 drops by 7.9 % (See 'Corp Brief') IBC - Mere classification of account as NPA does not constitute 'default' u/s 7 of IBC: NCLT (See 'Legal Desk') RM reviews performance of 8 DPSUs (See 'Corp Brief') India unveils 'Bharat Forecast System' developed by IITM (See 'Corp Brief') Limitation - Since IBC is not substitute for debt recovery forums like SARFAESI and IBC application's purpose is realization of debt, Sec 14 of Limitation Act is applicable and time taken for SARFAESI proceedings is excluded for calculating limitation period: HC (See 'Legal Desk') Union Food Minister to meet stakeholders on dark patterns (See 'Corp Brief') IBC - Failure on part of Resolution Professional in informing updated list of creditors, calls for levy of penalty: IBBI (See 'Legal Desk') Rising N-E Summit concludes on Successful Note (See 'Corp Brief') SARFAESI - Inter-creditor disputes between secured creditors must be resolved through arbitration and not before DRT: SC (See 'Legal Desk') CDS visits Northern & Western Commands HQs (See 'Corp Brief') IPR - Pre grant opposition filed after grant of patent is not maintainable, particularly when opposition is filed after Controller has signed order granting the patent: HC (See 'Legal Desk') ICG and Haldia Dock Complex conduct Marine Pollution Response Workshop (See 'Corp Brief') IBC - Commercial wisdom of CoC in approving Resolution Plan needs no interference by Adjudicating Authority/Appellate Tribunal unless Plan is violative of Section 30(2): NCLAT (See 'Legal Desk')

Steel Minister releases India's Green Steel Taxonomy

Published: Dec 13, 2024

Steel Minister releases India's Green Steel Taxonomy

By TIOLCorplaws News Service

NEW DELHI, DEC 13, 2024: INDIA is committed to decarbonise the steel sector in alignment with net-zero emission intensity target by 2070.To mark this, as a historic milestone in India's journey towards low-emission steel, H D Kumaraswamy, Union Minister of Steel & Heavy Industries, unveiled  the Taxonomy of Green Steel for India during an event held at Vigyan Bhavan, on 12th December 2024? in the presence of Bhupathi Raju Srinivasa Varma, Minister of State for Steel and Heavy Industries, Officers of Steel Ministry, representatives from other concerned Ministries, CPSEs, Steel industry players, Think Tanks, Academia and some foreign representatives in India including a delegation of European Union. Globally, there is no commonly accepted definition of green steel; India is the first nation to release the Taxonomy of Green Steel.

H D Kumaraswamy, Union Minister of Steel, expressed that the release of the Green Steel Taxonomy for India marks not only a significant milestone for the Ministry of Steel but also for our collective mission of transitioning toward a low-carbon economy. The release of the Taxonomy of Green Steel marks a crucial step in advancing the National Mission on Green Steel.

Bhupathi Raju Srinivasa Varma, Minister of State for Steel and Heavy Industries, said the launch of the Green Steel Taxonomy represents a transformative framework in steel production that will help define green steel, foster innovation, and create a market for low-carbon products in India.

Secretary Steel Sandeep Poundrik highlighted that the adoption of Taxonomy of the Green Steel is not an option, it is a mandate to adopt this towards achieving the environmental sustainability target. This will be challenging for the Indian steel sector. However, the Ministry, with the help of all the industry stakeholders, will achieve the taxonomy of green steel to reduce the emission intensity of 2.2 tCO2 per tonne by 2030, ensuring global competitiveness and continued growth.

The salient features of green steel taxonomy –

1. “Green Steel” shall be defined in terms of percentage greenness of the steel, which is produced from the steel plant with CO 2 equivalent emission intensity less than 2.2 tonnes of CO 2 e per tonne of finished steel (tfs). The greenness of the steel shall be expressed as a percentage, based on how much the steel plant's emission intensity is lower compared to the 2.2 t-CO 2 e/tfs threshold .

2. Based on the greenness, the Green steel shall be rated as follows:

- Five-star green-rated steel : Steel with emission intensity lower than 1.6 t-CO2e/tfs.

- Four-star green-rated steel : Steel with emission intensity between 1.6 and 2.0 t-CO2e/tfs.

- Three-star green-rated steel : Steel with emission intensity between 2.0 and 2.2 t-CO2e/tfs.

Steel with emission intensity higher than 2.2 t-CO2e/tfs shall not be eligible for green rating.

3. The threshold limit for defining the star rating of Green Steel shall be reviewed every three years.

4. The scope of emissions shall include Scope 1, Scope 2, and limited Scope 3, up to finished steel production. Scope 3 emissions shall include agglomeration (including sintering, pellet making, coke making), beneficiation, and embodied emissions in purchased raw materials and intermediary products, but shall not include upstream mining, downstream emissions and transportation emissions, both within and outside the gates of a steel plant.

5. The National Institute of Secondary Steel Technology (NISST) shall serve as the nodal agency for measurement, reporting, and verification (MRV) as well as for issuing the greenness certificates and star ratings for the steel.

6. The certificate shall be issued on yearly basis (financial year). In case the steel plants opt for MRV more frequently, then the certificate may be issued more than once in a year as per the requirement.

In addition to the release of taxonomy, stakeholder consultation on draft National Mission on Green Steel (NMGS) and draft Green Steel Public Procurement Policy (GSPPP) was also conducted during the event. The Ministry has assured that the suggestions and inputs received from stakeholders will be reviewed and integrated in finalising the NMGS and GSPPP.

The Ministry of Steel remains steadfast in its commitment to sustainability and innovation. India's steel industry is poised to play a transformative role in shaping the nation's future together with the collaboration and support of all industry players.

The event concluded with a vote of thanks by Smt. Neha Verma, Director, Ministry of Steel.

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