Green steel needs renewable energy, hydrogen, scrap recycling, CCUS: IREDA CMD
Mumbai: Indian Renewable Energy Development Agency (IREDA) Chairman and Managing Director Pradip Kumar Das on Friday said India’s global competitiveness in steel will rest on rapid decarbonisation, backed by renewable energy and innovative financing.
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Speaking at India Steelex 2025 and the 37th National Conference on Sustainable Steel in Mumbai, Das said green steel depends on “four drivers—renewable energy, green hydrogen, electric-arc furnaces with scrap, and carbon capture supported by a clear taxonomy.” He emphasised that a Green Taxonomy will be critical to provide statutory clarity, transparent benchmarks, and investor confidence in technologies such as carbon capture, utilisation and storage (CCUS) and efficiency upgrades.
Renewable energy momentum
Highlighting the country’s clean-energy progress, Das said India had achieved around 242 GW of renewable capacity as of August 2025, accounting for nearly 50 percent of the power generation mix. He noted that about 22 GW was added in just the first five months of the current fiscal.
He commended Maharashtra for its leadership in renewable deployment and flagged initiatives like PM-KUSUM for solarising agriculture. Renewable Purchase Obligations (RPOs), he added, will remain crucial to sustaining demand. Das also pointed out that nearly 80 percent of India’s renewable capacity has been developed by private players, making large-scale capital mobilisation essential.
IREDA’s financing record
Das underlined IREDA’s governance-led growth and strong recovery record, stating that the agency has financed over Rs 1.63 lakh crore worth of projects in 38 years, with cumulative write-offs of only around Rs 135 crore. “We have the responsibility to de-risk essential but emerging sectors—from green hydrogen to storage and solar manufacturing—so India can not only adopt but manufacture and export these technologies,” he said.
Financing instruments for green steel
Calling concessional and blended finance, green bonds, ESG-linked debt, and green public procurement “key instruments to scale green steel,” Das said crowding in capital will be vital to ensure India’s Make-in-India steel is globally competitive. “Make-in-India steel must shine globally—not only for volume, but for quality and sustainability,” he concluded.
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