Green Steel by 2030: Building the business case for the first green steel plant in India
Green Steel by 2030: Building the business case for the first green steel plant in India presents new analysis to support steel companies, policymakers, financiers, and civil society in identifying the conditions necessary to make commercial-scale green steel viable in India.
Building on TERI’s established work in energy efficiency, hydrogen integration, and net-zero pathways, this publication assesses the financial viability of green steel through project-level modeling of diverse plant archetypes. The analysis examines critical levers such as carbon pricing, concessional finance, and green premium offtake commitments. Specifically, it evaluates three frameworks informed by extensive stakeholder input: the policy stack, offtake commitments, and capital cost subsidies. Together, these frameworks illustrate the level of ambition required to enable first-of-a-kind (FOAK) green steel investments.
By providing transparent, real-world financial analysis developed in consultation with industry leaders and financiers, this report bridges existing knowledge gaps and provides a roadmap to accelerate the transition from pilot initiatives to commercial-scale projects.