The global Industrial Transition Accelerator initiative has selected 11 Indian projects to receive support under its dedicated programme, including two large-scale projects aimed at decarbonising the steel industry. The total volume of potential investment across the 11 selected projects exceeds $18 billion, with implementation expected to reduce CO₂ emissions by more than 7.8 million tonnes per year.
As part of the support programme, ITA will assist project developers in mitigating financial risks, stimulating demand for environmentally friendly products and preparing for final investment decisions.
The list includes Jindal Steel’s carbon capture, utilisation and storage project at its plant in Angul, Odisha, with a capacity of 1–1.2 million tonnes of CO₂ per year, capturing gases from direct iron reduction to produce low-carbon fuels and chemicals. Support will also go to a joint project between JSW Steel and mining company BHP to capture up to 100,000 tonnes of CO₂ per year at the Vijayanagar plant in Karnataka, using Carbon Clean’s CycloneCC modular technology.
ITA experts note that India has significant potential to produce competitive low-carbon steel given its renewable energy resources and government support. However, further progress on decarbonisation will require overcoming key barriers, including limited demand for green steel at a premium price, high raw material and financing costs, and an underdeveloped business model for CCUS technologies.
Steel is expected to remain central to India’s energy transition, with renewable energy infrastructure, battery plants and hydrogen projects all requiring steel. As the world’s second-largest steel producer, India is well positioned to meet growing domestic demand while also serving global demand for sustainable steel.
